Washington DC [US], February 27 (ANI): US President Donald Trump said the US will be reversing 'concessions' on 'the oil transaction agreement' with Venezuela under the Biden administration, citing unmet electoral conditions by Venezuelan President Nicolas Maduro, CNN reported on Wednesday (local time).

CNN also cited dissatisfaction with the pace of transporting violent undocumented Venezuelan criminals back to their home country as a reason for the reversal decision by Trump.

'We are hereby reversing the concessions that crooked Joe Biden gave to Nicolas Maduro, of Venezuela, on the oil transaction agreement, dated November 26, 2022, and also having to do with electoral conditions within Venezuela, which have not been met by the Maduro regime. Additionally, the regime has not been transporting the violent criminals that they sent into our Country (the Good Ole' USA) back to Venezuela at the rapid pace that they had agreed to. I am therefore ordering that the ineffective and unmet Biden 'Concession Agreement' be terminated as of the March 1st option to renew. Thank you for your attention to this matter!' he said on Truth Social.

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The license was a part of the Biden administration's effort to ease restrictions on certain financial transactions involving Venezuela, particularly in the oil sector, amid ongoing negotiations between the Maduro government and the Venezuelan opposition to promote free and fair elections in Venezuela.

However, some sanctions were reimposed after Maduro blocked the opposition candidate, Maria Corina Machado, from the presidential election.

Though Trump does not explicitly mention Chevron, the Biden administration authorised US-based Chevron to 'resume limited natural resource extraction operations in Venezuela,' according to the Treasury Department at the time. Trump said that this authorisation would not be renewed on March 1, as it normally would be, but terminated.

Venezuelan Vice President Delcy Rodriguez criticised what she called Trump's 'damaging and inexplicable decision.'

'The United States government has made a damaging and inexplicable decision by announcing sanctions against the US company Chevron. In its attempt to harm the Venezuelan people, it is in fact hurting the United States, its population and its companies, and also calling into question the legal security of the US's international investment regime,' she said in a statement. (ANI)