The Biden administration has eased oil, gas, and gold sanctions against Venezuela after the government and opposition agreed to terms for a competitive presidential election next year. The US Treasury Department issued a 6-month general license for US companies to work with Venezuela's state-run energy sector. Still, license renewal depends on Venezuela holding fair elections and releasing political prisoners. The temporary license aims to promote democratic reforms in Venezuela through conditional engagement with its energy industry. The situation in Venezuela has led to a mass exodus of its population, with 500,000 Venezuelans crossing the US southern border in the last three years.