The Biden administration had temporarily lifted sanctions after President Nicolás Maduro agreed to make free elections possible. Now Mr. Maduro has put up barriers to a credible vote.

The United States will reimpose sanctions on Venezuela’s oil and gas sector in response to the Maduro government’s failure to allow “an inclusive and competitive election” to take place.

The Biden administration said it would not renew a license set to expire early on Thursday that had broadly eased Venezuela oil sanctions, moving to reimpose punitive measures in response to President Nicolas Maduro's failure to meet his election commitments.

International crude oil prices are up 13% this year, to $87.29 per barrel. The average national gasoline price is $3.68 a gallon, about 60 cents higher than at the start of the year.

The administration said it would renew sanctions that it temporarily lifted in October after Venezuela did not make sufficient progress toward a fair election. {beacon} Energy

By Matt Spetalnick, Daphne Psaledakis and Marianna Parraga WASHINGTON/HOUSTON (Reuters) -The Biden administration said it would not renew a license set to expire early on Thursday that had broadly eased Venezuela oil sanctions,

The United States said Wednesday it will snap back sanctions on Venezuela's crucial oil industry after President Nicolas Maduro's government continued its repression of opponents.

A tether spokesperson said that it will freeze addresses linked to evading sanctions. Reuters reported earlier this week that Venezuelan oil company PDVSA was using USDT via intermediaries to bypass U.

Venezuela's state-run oil company PDVSA plans to increase digital currency usage in its crude and fuel exports as the U.S. reimposes oil sanctions on the country, three people familiar with the plan said.

Venezuela's PDVSA is reportedly planning to speed up crypto adoption in oil transactions after the U.S. Treasury announced it will reimpose sanctions on the country's vast oil sector.