Bessent signals Venezuela sanctions relief ‘as soon as next week’: report

The United States could soon lift additional sanctions on Venezuela to help support oil sales, according to Treasury Secretary Scott Besent.

In an interview with Reuters, Besant said more US sanctions could be lifted “as soon as next week,” adding that he intends to meet with the heads of the International Monetary Fund and World Bank to discuss renewed engagement with the South American country.

“We are lifting sanctions on the oil that will be sold,” Besant said.

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Picent did not specify what penalties could be lifted.

He also said that nearly $5 billion in frozen IMF Special Drawing Rights in Venezuela could be released to support the country’s economic recovery, according to Reuters.

Venezuela currently holds about 3.59 billion Special Drawing Rights, worth about $4.9 billion, but cannot access them under current restrictions, according to Reuters.

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The potential sanctions relief is an attempt to stabilize Venezuela following the arrest of its dictator Nicolas Maduro. (Mathias Delacroix/Getty Images/Getty Images)

According to Reuters, US sanctions have long restricted international financial dealings with the Venezuelan government.

The potential sanctions relief comes as part of a broader effort by the Trump administration to stabilize Venezuela and encourage American investment in the oil sector following the arrest of ousted dictator Nicolas Maduro.

On Friday, President Donald Trump signed an executive order preventing US courts from seizing Venezuelan oil revenues deposited in US Treasury accounts.

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President Donald Trump signed an executive order preventing US courts from seizing Venezuelan oil revenues in Treasury accounts. (Saul Loeb/AFP via Getty Images/Getty Images)

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The order, titled “Protecting Venezuelan Oil Revenues for the Benefit of the American and Venezuelan Peoples,” states that any attempt through the courts to seize the funds would pose an “unusual and unusual threat” to U.S. national security and foreign policy.

The US Treasury did not immediately respond to FOX Business’ request for comment.

Fox News Digital’s Michael Dorgan contributed to this report.