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U.S. Treasury Secretary Scott Bessent has announced that additional sanctions on Venezuela could be lifted as early as next week, marking a significant shift in U.S. policy toward the South American nation. Speaking in an interview on Friday during a visit to a Winnebago Industries engineering facility, Bessent outlined the administration's approach to facilitating Venezuelan oil sales and economic recovery.

Sanctions Relief and Oil Sales

The Treasury Department is actively examining changes that would facilitate the repatriation of oil sale proceeds currently stored largely on ships back to Venezuela. "We're de-sanctioning the oil that's going to be sold," Bessent stated, emphasizing the administration's focus on enabling legitimate oil commerce.

The Treasury Secretary explained that the goal is to determine "how can we help that get back into Venezuela, to run the government, run the security services and get it to the Venezuelan people." However, Bessent did not specify which particular sanctions would be targeted for removal.

IMF and World Bank Re-engagement

Bessent revealed plans to meet with the heads of the International Monetary Fund and World Bank next week to discuss their re-engagement with Venezuela. The Treasury Secretary, who controls the dominant U.S. shareholding in both institutions, indicated that both organizations have already reached out regarding Venezuela.

Venezuela currently holds approximately 3.59 billion Special Drawing Rights, worth about $4.90 billion at Friday's exchange rate, but cannot currently access these funds. Bessent expressed willingness to convert these SDRs to dollars for use in rebuilding Venezuela's economy.

Private Sector Investment Outlook

The Treasury Secretary expressed optimism about private sector re-entry into Venezuela's oil sector, particularly smaller, privately held companies. "I think it's going to be the typical progression where the private companies can move quickly and will come in very quickly," Bessent noted.

Regarding established players, Bessent highlighted Chevron's continued presence: "Chevron has been there a long time and will continue to be there, so I believe that their commitment will greatly increase." He also suggested a potential role for the U.S. Export-Import Bank in guaranteeing financing for Venezuela's oil sector.

Executive Protection Measures

President Donald Trump signed an executive order on Friday evening blocking courts or creditors from impounding Venezuelan oil revenue held in U.S. Treasury accounts. The order declares that these funds should be safeguarded to help Venezuela create "peace, prosperity and stability."

These policy changes come as the Trump administration works to stabilize Venezuela and encourage the return of U.S. oil producers to the country. Current U.S. sanctions have prevented international banks and creditors from engaging with the Venezuelan government without proper licensing, creating impediments to a complex $150 billion debt restructuring process that many view as crucial for attracting private capital back to Venezuela.