US Treasury Secretary Scott Bessen stated that the United States may consider lifting sanctions on Russian oil if peace is achieved between Russia and Ukraine. According to the official, reaching peace agreements could lead to a significant decrease in global oil prices, as substantial volumes of oil currently under sanctions would return to the market.
This is reported by Business • Media
“Thanks to peace agreements, we could see a substantial drop in oil prices. If the issues regarding Venezuela, Iran, as well as Russia and Ukraine are resolved, a huge amount of oil currently under Treasury sanctions could enter the market.”
Impact of New US Licenses on the Energy Sector
At the same time, Moscow has expressed concerns over a recently issued US license that allows the supply of Venezuelan oil but imposes strict restrictions on companies linked to Russia. According to the updated rules from the US Treasury, American companies can engage in transactions for supplying equipment and technology to Venezuela’s oil and gas sector only if they are not involved with companies or financial institutions that have ties to Russia, Iran, North Korea, China, or Cuba. This specifically pertains to cooperation with the state oil company PDVSA and enterprises in which PDVSA holds more than 50% of the shares.
Restrictions on Russia and Consequences for Its Influence in Venezuela
Such sanctions are a significant blow to Russia, which has actively invested in Venezuela’s energy sector for many years. Russian state companies have invested in oil extraction, infrastructure modernization, and financing oil projects in Venezuela. The total volume of Russian investments in this country is estimated at around $17 billion and includes stakes in major oil fields. In particular, in the mid-2010s, Rosneft established five joint ventures with PDVSA. However, given the new restrictions, Russian companies risk losing access to Venezuelan energy resources and joint projects, which could lead to a decrease in revenue for Russia.
Moreover, international partners may avoid cooperation with Moscow due to the risks of sanctions. Venezuela has traditionally been one of Russia’s main allies in the Western Hemisphere, but the new economic restrictions could weaken Russian influence in this region.