The government of Venezuelan President Nicolas Maduro faces a short deadline of two days to implement fundamental electoral reforms; So that it becomes more transparent, otherwise it will face the re-imposition of harsh oil sanctions by the United States.

Informed sources revealed to Reuters that the administration of US President Joe Biden intends to cancel the US Treasury Department’s permit allowing the Venezuelan National Oil Company (PDVSA) to produce oil and gas without restrictions, if no tangible progress is made in reforming the electoral process.

This exceptional permit was granted last October, after talks were held between representatives of Maduro and the opposition in Barbados, which resulted in an agreement stipulating concrete steps to ensure free and fair elections scheduled for next July.

However, according to the sources, the Maduro government did not adhere to the terms of the agreement. It banned Maria Corina Machado, the winner of the opposition primaries, from running for president.

Although the permit's expiration date is approaching, some US officials are still looking for last-minute solutions to avoid re-imposing sanctions, taking into account the stifling economic crisis that Venezuela is suffering from.

The options offered include extending the Maduro government's deadline for registering candidates, or supporting the opposition Manuel Rosales, the governor who has been allowed to run, but whose willingness to negotiate with Maduro is alarmed by some.

Venezuela is the second largest source of illegal immigrants on the border between the United States and Mexico. Which makes this issue thorny for President Biden, especially as the presidential election approaches.