Venezuela’s opposition on Friday voted to remove Juan Guaido as the “interim president” and to dissolve the US-backed “interim government,” a move that came after resuming talks with Venezuelan President Nicolas Maduro.
Guaido declared himself as the interim president of Venezuela in 2019 after not recognizing the result of the 2018 election, and he received full backing from the US. The Trump administration supported a failed coup attempt against Maduro, and what little support Guaido had in Venezuela declined over the years.
The interim government in Venezuela never had any real power inside the country, but it was granted control of some offshore Venezuelan assets and embassies by the US and its Western allies that recognized Guaido. The opposition’s decision to dissolve the interim government came after they restarted talks with Maduro in November.
As a result of the renewed talks, the US has granted Chevron a limited license to restart pumping oil in Venezuela, in a slight easing of the crippling economic sanctions imposed by the Trump administration as part of its failed regime change effort.
The deal will also release $3 billion in Venezuelan funds that were frozen by US and European banks. Under the deal, the funds will go toward humanitarian and economic development projects. After dissolving the interim government, Venezuela’s opposition established a new commission to oversee the Venezuelan assets that they still control.