The changing face of geopolitics: How Russian oil ban has forced the US to turn to Venezuela

As Russia refused to slow down its invasion of Ukraine despite repeated warnings from the West, the United States decided to strike hard. President Joe Biden ordered an immediate ban on oil and other energy imports from Russia in a crucial trade decision. “We’re banning all imports of Russian oil and gas energy,” Biden told the media at the White House. “That means Russian oil will no longer be acceptable in US ports and the American people will deal another powerful blow to Putin’s war machine.”

Russian oil will no longer be accepted at U.S. ports — and the American people will deal another powerful blow against Putin’s war machine. pic.twitter.com/dk7QNXnDA6

— President Biden Archived (@POTUS46Archive) March 9, 2022

While this is a big blow to Russia, which accounts for 10 per cent of the US oil imports, Washington will not remain unaffected. The sanction will further drive up energy prices in the country and across the world amid fears of a global fuel shortage. Benchmark Brent was trading at close to S$130 per barrel on Wednesday, about 67 per cent higher than what it was at the end of 2021. However, the US is already looking at other options. Turning to Venezuela Biden’s decision came after a delegation from Washington met Venezuelan president Nicolàs Maduro in the capital Caracas over the weekend. This was the first high-level talk between the two countries in years. “Last Saturday night a delegation from the government of the United States of America arrived in Venezuela, I received it here at the presidential palace,” Maduro said on Monday in a televised address to the nation. “We had a meeting, I could describe it as respectful, cordial, very diplomatic,” he added. The White House said that the purpose of the meeting was to discuss several issues including “energy security”. Troubled past Venezuela and the US have been at loggerheads; the two nations severed ties in 2019 after Maduro accused Washington of supporting a coup against him. Following this, the then-American president Donald Trump imposed sweeping sanctions against the Venezuelan government, freezing its assets in the US and barring transactions with it. The move was aimed at pressuring Maduro to step down. Interestingly, Maduro is Russia’s strongest ally in the Western Hemisphere. He is among the handful of world leaders who have openly backed Putin, assuring him “strong support” in wake of the invasion. But weeks into the war, there are tectonic shifts in global politics, the chief among them is the possible thaw in the relationship between Venezuela and the US. Signs of change Hours after Biden’s crucial announcement on Russian gas, Venezuela said it could increase its oil production to 400,000 barrels a day. Reinaldo Quintero, head of the Venezuelan Oil Chamber, told BBC that his country has the infrastructure to raise its production levels from the current 800,000 barrels per day to 1.2 million. “That will make us able to supply some of the need [in] the North American market,” he said. Venezuela is seen further softening its stand after the discussions in Caracas. On Tuesday, it freed two jailed American citizens in what is being considered a goodwill gesture. One of the prisoners was Gustavo Cardenas, among six Citgo oil executives arrested in 2017 and convicted on charges of corruption, which the US has maintained are false. The other was Cuban-American Jorge Alberto Fernandez detained on unrelated charges. “Tonight, two Americans who were wrongfully detained in Venezuela will be able to hug their families once more,” Biden said in a statement. In all, there were nine US citizens jailed in Venezuela and their cases were discussed in the meeting with Maduro. “Obviously, we’re going to continue to do everything we can to bring anyone who is detained in Venezuela or any other part of the world home, but they happen through different tracks. They’re all a part of the conversation with Venezuela writ large, but not at the same time,” White House Press Secretary Jen Psaki told reporters on Tuesday. How does Venezuela benefit? Venezuela’s change in stance comes after indications from the US that sanctions imposed on the country will be eased. Not all sanctions will be relaxed immediately but the Biden administration will likely issue licenses allowing foreign companies to operate in Venezuela. In return, Maduro is expected to begin negotiations with his opponents, something the president hinted at in his televised address to the nation. The talks were suspended in October last year after Cape Verde extradited Colombian businessman Alex Saab, a Venezuelan envoy accused of acting as a money launderer for the president, to the US. America is among almost 60 nations that recognise the opposition leader Juan Guaido as Venezuela’s acting president, having rejected Maduro’s 2018 re-election which is considered fraudulent. [caption id=“attachment_10444691” align=“alignnone” width=“640”]  Nicolas Maduro is one of the few world leaders who have openly backed Vladimir Putin’s invasion of Ukraine. AFP[/caption] Biden faces criticism over Maduro Prominent US politicians have criticised the efforts to revive ties with Maduro. “Nicolas Maduro is cancer to our hemisphere and we should not breathe new life into his reign of torture and murder. As such, I would strongly oppose any action that fills the pockets of regime oligarchs with oil profits while Maduro continues to deprive Venezuelans of basic human rights, freedoms, and even food,” said US Senator Bob Menendez, a New Jersey-based Democrat. Republican Senator Rick Scott, who is the head of the Senate GOP campaign committee, said, “We should stop importing Russian oil period. And we shouldn’t be going to Venezuela. When are we going to learn that we can’t be relying on these thugs?” What are US’s other choices? There have been calls within the political circles in Washington to increase domestic oil production. They believe it will create more jobs in the US and opening up American oil and gas is better for national security. To ease any shortage triggered by the Russian ban, the US reached out to other oil-producing nations. But the leaders of the United Arab Emirates and Saudi Arabia have declined to hold discussions with Biden. Both Saudi Crown Prince Mohammed bin Salman and the UAE’s Sheikh Mohammed bin Zayed al Nahyan have been unavailable for talks after requests from Washington, reports The Wall Street Journal. So far, only negotiations with Venezuela have progressed. The many crimes of Maduro Of course, the anger against Maduro is not misplaced. His government has been accused of systematic human rights violations including killings and torture amounting to crimes against humanity, according to a 2020 United Nations investigation. To silence the opposition, he allegedly ordered Venezuela’s national intelligence service SEBIN to detain leaders “without judicial order”. He has been charged with narco-terrorism, corruption, and drug trafficking, among other criminal charges. However, the war in Ukraine is changing geopolitics drastically. And for now, Maduro appears to be benefitting from it. With inputs from agencies Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.