Sanctions

Jan. 30 (UPI) — Six British ministers of Parliament, including two peers, no longer are sanctioned by China, British Prime Minister Keir Starmer announced Friday.

Starmer confirmed the sanctions — imposed over criticisms of China’s treatment of its Muslim-minority Uyghur population — immediately were lifted amid warming relations between China and Britain. He made the announcement during a diplomatic trip to Beijing.

“I raised that issue whilst I was here,” Starmer said while interviewed in China. “The Chinese are absolutely clear in their response: The restrictions no longer apply.”

Chinese President Xi Jinping said all British members of Parliament were welcome in China, Starmer told the BBC.

The sanctions included a now-lifted travel ban. Starmer said their removal affirms the effectiveness of his diplomatic approach to the matter.

The prime minister also said he hopes Xi will attend the 2027 G20 summit scheduled to take place in Britain.

China imposed the sanctions on nine Britons, including five Conservative Party ministers and two members of the House of Lords, in 2021 after they raised concerns about human rights violations by China against Uyghurs, a Muslim population in northwest China.

China’s population is more than 90% Han, while Uyghurs account for less than 1% of its people.

The affected MPs and peers said they find “no comfort” in the lifting of sanctions.

Sanctions remain in place for others, and the ministers said they “will not be silenced” on the matter.

China has pressured foreign governments to forcibly return Uyghurs and others to China, “where they are subject to torture and enforced disappearances,” U.S. Secretary of State Marco Rubio said in March.

Caracas, January 30, 2026 (venezuelanalysis.com) – The Venezuelan National Assembly has approved a sweeping reform of the country’s 2001 Hydrocarbon Law that rolls back the state’s role in the energy sector in favor of private capital.

Legislators unanimously endorsed the bill at its second discussion on Thursday, with only opposition deputy Henrique Capriles abstaining. The legislative overhaul follows years of US sanctions against the Venezuelan oil industry and a naval blockade imposed in December.

National Assembly President Jorge Rodríguez hailed the vote a “historic day” and claimed the new bill will lead oil production to “skyrocket.” 

“The reform will make the oil sector much more competitive for national and foreign corporations to extract crude,” he told reporters. “We are implementing mechanisms that have proven very successful.”

Venezuelan Acting President Delcy Rodríguez signed and enacted the law after the parliamentary session, claiming that the industry will be guided by “the best international practices” and undertake a “historic leap forward.”

Former President Hugo Chávez revamped the country’s oil legislation in 2001 and introduced further reforms in 2006 and 2007 to assert the Venezuelan state’s primacy over the industry. Policies included a mandatory stakeholding majority for state oil company PDVSA in joint ventures, PDVSA control over operations and sales, and increased royalties and income tax to 30 and 50 percent, respectively. Increased oil revenues bankrolled the Venezuelan government’s expanded social programs in the 2000s.

The text approved during Thursday’s legislative session, following meetings between Venezuelan authorities and oil executives, went further than the draft preliminarily endorsed one week earlier.

The final version of the legislation establishes 30 percent as an upper bound for royalties, with the Venezuelan government given the discretionary power to determine the rate for each project. A 33 percent extraction tax in the present law was scrapped in favor of an “integrated hydrocarbon tax” to be set by the executive with a 15 percent limit.

Similarly, the Venezuelan government can reduce income taxes for companies involved in oil activities while also granting several other fiscal exemptions. The bill cites the “need to ensure international competitiveness” as a factor to be considered when decreasing royalty and tax demands for private corporations.

The reform additionally grants operational and sales control to minority partners and private contractors. PDVSA can furthermore lease out oilfields and projects in exchange for a fixed portion of extracted crude. The new legislation likewise allows disputes to be settled by outside arbitration instances.

Thursday’s legislative reform was immediately followed by a US Treasury general license allowing US corporations to re-engage with the Venezuelan oil sector.

General License 46 (GL46) authorizes US firms to purchase and market Venezuelan crude while demanding that contracts be subjected to US jurisdiction so potential disputes are referred to US courts. The license bars transactions with companies from Russia, Iran, North Korea, or Cuba. Concerning China, it only blocks dealings with Venezuelan joint ventures with Chinese involvement.

Economist Francisco Rodríguez pointed out that the sanctions waiver does not explicitly allow for production or investment and that companies would require an additional license before signing contracts with Venezuelan authorities.

GL46 also mandates that payments to blocked agents, including PDVSA, be made to the US Foreign Government Deposit Funds or another account defined by the US Treasury Department.

Following the January 3 military strikes and kidnapping of Venezuelan President Nicolás Maduro, the Trump administration has vowed to take control of the Venezuelan oil industry by administering crude transactions. Proceeds from initial sales have been deposited in US-run bank accounts in Qatar, with a portion rerouted to Caracas for forex injections run by private banks. US Secretary of State Marco Rubio vowed that the resources will begin to be channeled to US Treasury accounts in the near future.

In a press conference on Friday, Trump said his administration is “very happy” with the actions of Venezuelan authorities and would soon invite other countries to get involved in the Caribbean nation’s oil industry. Rubio had previously argued that Caracas “deserved credit” for the oil reform that “eradicates Chávez-era restrictions on private investments.”

Despite the White House’s calls for substantial investment, Western oil corporations have expressed reservations over major projects in the Venezuelan energy sector. Chevron, the largest US company operating in the country, stated that it is looking to fund increased production with revenues from oil sales as opposed to new capital commitments.

Since 2017, Venezuela’s oil industry has been under wide-reaching US unilateral coercive measures, including financial sanctions and an export embargo, in an effort to strangle the country’s most important revenue source. The US Treasury Department has also levied and threatened secondary sanctions against third-country companies to deter involvement in the Venezuelan petroleum sector.

Venezuela’s interim President Delcy Rodriguez has signed into law a reform bill that will pave the way for increased privatisation in the South American country’s nationalised oil sector, fulfilling a key demand from her United States counterpart, Donald Trump.

On Thursday, Rodriguez held a signing ceremony with a group of state oil workers. She hailed the reform as a positive step for Venezuela’s economy.

“We’re talking about the future. We are talking about the country that we are going to give to our children,” Rodriguez said.

The ceremony came within hours of the National Assembly – dominated by members of Rodriguez’s United Socialist Party – passing the reform.

“Only good things will come after the suffering,” said Jorge Rodriguez, the assembly’s head and brother of the interim president.

Since the US military’s abduction of Venezuela’s former leader Nicolas Maduro and his wife Cilia Flores on January 3, the Trump administration has sought to pressure President Rodriguez to open the country’s oil sector to outside investment.

Trump has even warned that Rodriguez could “pay a very big price, probably bigger than Maduro”, should she fail to comply with his demands.

Thursday’s legislation will give private firms control over the sale and production of Venezuelan oil.

It would also require legal disputes to be resolved outside of Venezuelan courts, a change long sought by foreign companies, who argue that the judicial system in the country is dominated by the ruling socialist party.

The bill would also cap royalties collected by the government at 30 percent.

While Rodriguez signed the reform law, the Trump administration simultaneously announced it would loosen some sanctions restricting the sale of Venezuelan oil.

The Department of the Treasury said it would allow limited transactions by the country’s government and the state oil company PDVSA that were “necessary to the lifting, exportation, reexportation, sale, resale, supply, storage, marketing, purchase, delivery, or transportation of Venezuelan-origin oil, including the refining of such oil, by an established US entity”.

Previously, all of Venezuela’s oil sector was subject to sweeping US sanctions imposed in 2019, under Trump’s first term as president.

Thursday’s suite of changes is designed to make Venezuela’s oil market more appealing to outside petroleum firms, many of whom remain wary of investing in the country.

Under Maduro, Venezuela experienced waves of political repression and economic instability, and much of his government remains intact, though Maduro himself is currently awaiting trial in a New York prison.

His abduction resulted in dozens of deaths, and critics have accused the US of violating Venezuelan sovereignty.

Venezuela nationalised its oil sector in the 1970s, and in 2007, Maduro’s predecessor, Hugo Chavez, pushed the government to increase its control and expropriate foreign-held assets.

Following Maduro’s abduction, Trump administration officials have said that the US will decide to whom and under what conditions Venezuelan oil is sold, with proceeds deposited into a US-controlled bank account.

Concerns about the legality of such measures or the sovereignty of Venezuela have been waved aside by Trump and his allies, who previously asserted that Venezuelan oil should “belong” to the US.

Caracas, January 28, 2026 (venezuelanalysis.com) – International creditors have shown growing optimism to collect on defaulted Venezuelan debt in the wake of the January 3 US military strikes and kidnapping of President Nicolás Maduro.

According to Bloomberg, the volume of Venezuelan bonds traded increased tenfold since the start of the year. Securities have rallied to around 40 cents on the dollar, having hit lows of 1.5 cents on the dollar in the past.

A combination of defaulted bonds, unpaid loans and arbitration awards is estimated to total up to US $170 billion after years of accruing interest. The Maduro government began defaulting on debt service in 2017 as US sanctions crippled the Caribbean nation’s economy and ultimately blocked financial transactions altogether.

The Venezuelan Creditor Committee (VCC) expressed “readiness” to discuss a debt restructuring deal when authorized. The group brings together creditors including GMO, Greylock Capital, Mangart Capital, and Morgan Stanley, which hold over $10 billion in sovereign and state oil company PDVSA bonds.

Elias Ferrer Breda, financial analyst and director of Orinoco Research, told Venezuelanalysis that the “enthusiasm” means creditors feel a debt restructuring deal is “closer,” but warned that any agreement will hinge on US recognition of the Venezuelan government.

“The recognition, along with the lifting of primary sanctions, is the final obstacle,” he said. “There have been steps to reopen the US embassy in Caracas and a Venezuelan delegation headed by Félix Plasencia also visited DC.”

The first Trump administration recognized the self-proclaimed “interim government” led by Juan Guaidó as Venezuela’s legitimate authority in 2019, prompting Caracas to break diplomatic relations. After the parallel Guaidó administration dissolved in 2022, Washington transferred the recognition to the opposition-majority National Assembly whose term expired in 2021.

The small group of US-backed politicians retains control over Venezuelan-owned assets in the US. For its part, the Venezuelan government headed by Acting President Delcy Rodríguez has advocated a renewed diplomatic engagement with Washington. The two administrations have taken steps to reopen the respective embassies.

Ferrer, who also directs the Guacamaya media outlet, suggested that the State Department has no immediate plans to change its formal recognition of the defunct parliament. 

“However, there is a de facto recognition of the Rodríguez acting government being built,” he went on to add. “This will become de jure sooner or later; it could be a few months or even a couple of years.”

Venezuela’s inability to sustain debt service, including settlements with creditors, as a result of sanctions, saw many corporations pursue legal avenues to collect. Crystallex, ConocoPhillips and several other companies are set to benefit from the proceeds of the forced judicial auction of Venezuela’s US-based refiner CITGO.

Washington’s formal recognition of the Rodríguez acting administration could also pave the way for Venezuela to access about $4.9 billion in “special drawing rights” issued by the International Monetary Fund (IMF). The IMF created the liquidity instruments in 2021 to help governments deal with the Covid-19 pandemic but blocked Venezuela from accessing its share as it followed Trump’s lead in not recognizing the Nicolás Maduro government.

According to reports, US Treasury Secretary Scott Bessent recently held meetings with the heads of the IMF and the World Bank to discuss a possible re-engagement with the South American country.

For their part, Venezuelan authorities have expressed a willingness to engage with creditors in the past, but US sanctions preempted any meaningful engagement.

Caracas’ debt also includes long-term oil-for-loan agreements with China. However, with Washington’s naval blockade recently blocking China-bound crude shipments, Beijing has reportedly sought assurances of the repayment of debts estimated at $10-20 billion.

Caracas, January 29, 2026 (venezuelanalysis.com) – US Secretary of State Marco Rubio defended the Trump administration’s January 3 attack on Venezuela and kidnapping of President Nicolás Maduro during a Senate hearing on Wednesday.

“[Having Maduro in power] was an enormous strategic risk for the United States,“ Rubio said in his testimony to the Senate Committee on Foreign Relations. “It was an untenable situation, and it had to be addressed.”

The Trump official claimed that the military operation aimed to “aid law enforcement” and did not constitute an act of war. He likewise emphasized the White House’s concern about Venezuela allegedly being a “base of operations” for US geopolitical rivals Iran, Russia, and China.

Rubio faced criticism from multiple senators, with Rand Paul arguing that the White House would consider a similar attack directed against the US as an act of war. Despite widespread criticism from Democrats and a handful of Republicans, efforts to pass War Powers resolutions have been narrowly defeated in both the Senate and the House of Representatives.

Maduro and First Lady Cilia Flores pleaded not guilty to charges including drug trafficking conspiracy in a New York federal court on January 5. US officials have never presented evidence tying high-ranking Venezuelan leaders to narcotics activities, and specialized agencies have consistently found the Caribbean nation to play a marginal role in global drug trafficking.

The Venezuelan government, led by Acting President Delcy Rodríguez, has repeatedly denounced the US attack and demanded the release of Maduro and Flores. At the same time, Rodríguez and other officials have advocated for renewed diplomatic engagement to settle “differences” with Washington.

The January 3 strikes, which killed 100 people, have drawn widespread condemnation in Latin America and beyond. A recent Progressive International summit in Colombia called for a joint regional response against US aggression.

During Wednesday’s hearing, Rubio reiterated the US government’s plans to control the Venezuelan oil sector and impose conditions on the acting Rodríguez administration. He added that the White House is seeking stability in the South American country ahead of a “democratic transition.”

Rubio additionally confirmed that Washington is administering Venezuelan oil sales, with proceeds deposited in US-controlled bank accounts in Qatar before a portion is rerouted to Caracas. He added that at some point the funds will run through Treasury Department accounts in the United States.

Democratic senators questioned the legality and transparency of the present arrangement. The Secretary of State further claimed that Caracas would need to submit a “budget request” before accessing its funds.

The initial deal reportedly comprised some 50 million barrels of oil, worth around $2 billion, that had accumulated due to a US naval blockade of Venezuelan exports. After a reported $300 million were turned over to Venezuelan private banks last week, the Venezuelan Central Bank announced that a further $200 million will be made available in early February.

Venezuelan banks are offering the foreign currency in auction to customers, with officials vowing  priority for imports in the food and healthcare sectors. 

According to Reuters, the US Treasury Department is preparing a general license to allow select corporations to engage in oil dealings with Caracas. Since 2017, the Venezuelan oil industry has been under wide-reaching unilateral coercive measures, including financial sanctions, an export embargo, and secondary sanctions.

In his address, Rubio went on to state that Venezuelan authorities “deserve credit for eradicating Chávez-era restrictions on private investment” in the oil industry, in reference to a recent overhaul of the country’s 2001 Hydrocarbons preliminarily approved last week. He added that a portion of oil revenues will be used for imports from US manufacturers.

On Tuesday, Acting President Rodríguez announced during a televised broadcast that Venezuela was importing medical equipment from the US using “unblocked funds.” 

The Venezuelan leader emphasized the importance of relations based on mutual respect with the US and rejected claims that her government is subject to dictates from foreign actors. She affirmed that there are open “communication channels” with the Trump administration and collaboration with Rubio on a “working agenda.”

The acting authorities in Caracas have sought to promote a significant rebound of crude production by offering expanded benefits to private investors as part of the reform bill. Expected to be finally approved in the coming weeks, the new law abrogates provisions introduced under former President Hugo Chávez to ensure majority state control over the oil sector in favor of flexible arrangements granting substantial autonomy to corporate partners.