Updates with changes throughout.
The US could revoke some or part of its previously granted sanctions relief for Venezuela's oil sector in April after Caracas reneged on promise to allow key members of the political opposition to run for office.
Venezuela's supreme court on 26 January upheld a decision to keep in place a 2015 ban on politicians Maria Corina Machado and Henrique Capriles, contrary to a political agreement struck in Barbados last year that calls for a free presidential election in Venezuela later this year.
The US in October suspended sanctions affecting Venezuela's ability to produce and export crude. The court's decision "undermines a competitive presidential election," the US State Department said over the weekend. "Based on this action and targeting of opposition and civil society, the US is reviewing our sanctions policy."
The White House clarified today that Caracas will have until April to reverse the presidential qualification decisions and other actions in contradiction of formal and informal agreements that led to the suspension of US sanctions.
"They've got till April and they need to make the right decisions and allow opposition members to run for office and release the political prisoners that they're holding right now," the White House said.
The waiver from US sanctions, which was granted in October, is set to expire on 18 April. The waiver allowed state-owned PdV to resume oil exports to the US and other destinations and removes prohibitions on new investment in Venezuela's oil and gas sector.
The US administration barely a month after lifting the sanctions threatened to suspend the sanctions relief, winning grudging agreement from Caracas to release some political prisoners.
Members of the opposition have accused the administration of President Nicolas Maduro of breaking the election agreement, negotiated in Barbados in October, through this and other recent crackdowns.
The opposition will present a formal notice to the international community, said Gerardo Blyde, a negotiator of the Barbados deal and a former Venezuelan lawmaker.
"We will present a written denunciation before the Norwegian facilitator and the countries accompanying the process, where we denounce the partial violation of the Barbados Agreement," Blyde said.
He confirmed that Machado would continue to be the main opposition candidate, despite her ban.
"Maria Corina is the candidate of the Venezuelan opposition recognized by all the leaders and parties of the Unitary Platform," Blyde said.
He noted that bans that the court lifted on some less high-profile opposition members are essentially temporary as well, "which could be revoked in the future."
Several pro-Maduro spokespersons reiterated the ban on Machado over the weekend after Blyde's comments, including national assembly president Jorge Rodriguez.
Argentina, Ecuador, the UK and Uruguay all over the weekend also called for the ban on Machado to be lifted.
