(MENAFN- The Rio Times) As twilight fell over Caracas, President Nicolás Maduro warmly welcomed UAE's Minister of State for Foreign Trade, Thani Bin Ahmed Al Zeyoudi, at Miraflores Palace.
They focused their discussion on enhancing strategic energy ties. Maduro stressed the meeting's aim to boost mutual sustainability and development efforts.
He promoted persistent work and strong cooperation for their countries' prosperity.
Presidential Press Office officials disclosed that the talks emphasized oil, gas, and petrochemicals. These sectors form crucial economic pillars for both nations.
Moreover, the UAE delegates' arrival coincided with a significant U.S. policy shift.
Washington had just announced the reinstatement of sanctions on Venezuela's vital oil and gas industries, reflecting ongoing international tensions.
Responding quickly to these sanctions, Venezuelan leaders pledged to continue their efforts to engage with worldwide investors.
They expressed confidence that external challenges would not impede the nation's economic progress.
Background
The United States has reactivated stringent sanctions on Venezuela's oil industry, casting shadows over its economic future.
This abrupt policy shift strips Venezuela of a vital license, which had propelled its oil exports and fostered investment opportunities.
Announced on Wednesday, this policy change compels businesses to conform to a new, more restrictive regime within 45 days, known as license 44A.
Previously, this license had momentarily softened the sanctions, invigorating PDVSA , Venezuela's state-run oil behemoth.
This was a boon, considering Venezuela's status as once the top oil producer in Latin America.
From PDVSA's Caracas offices, President Nicolas Maduro rebuked the US decision, predicting adverse effects not only for Venezuela but also for American economic interests.
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