U.S. President Donald Trump on Wednesday announced a reversal of concessions given to Venezuela on an oil transaction agreement by his predecessor Joe Biden.
Trump, in a post on Truth Social, said he has ordered that the agreement dated November 26, 2022 be terminated “as of the March 1 option to renew.”
Venezuela President Nicolas Maduro and his government have always rejected sanctions by the United States and others, saying they are illegitimate measures that amount to an “economic war” designed to cripple Venezuela.
Maduro and his allies have cheered what they say is the country’s resilience despite the measures, though they have historically blamed some economic hardships and shortages on sanctions.