Gate News message, April 14 — The U.S. Treasury eased sanctions on Venezuela’s state-run financial system on Tuesday, allowing institutions including Banco Central de Venezuela to legally use U.S. dollars, receive billions in oil revenue, and reenter the global financial system. The move aims to support acting president Delcy Rodriguez’s government amid protests by public workers demanding higher pay.
Public workers, earning about $160 per month compared to a private-sector average of $237, began protesting in Caracas last month. Rodriguez promised wage increases starting May 1 and called for U.S. sanctions to be lifted. Red tape from financial sanctions has delayed billions in oil revenue disbursement since the U.S. seized socialist leader Nicolas Maduro in a military raid on January 3.
The U.S. has steadily normalized relations with Venezuela since Maduro’s ouster, lifting sanctions and strengthening economic ties. In February and March, the Treasury’s Office of Foreign Assets Control granted licenses for U.S. businesses to deal with state-owned oil company Petróleos de Venezuela. Last month, OFAC dropped individual sanctions on Rodriguez. On Monday, Chevron struck an agreement to expand oil production in Venezuela.
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