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Venezuelan agreement sets stage for frozen assets to be directed to humanitarian fund

About US$3 billion from Venezuela's frozen assets held in U.S. and European banks is expected to go to a U.N.-administered fund. The agreement restarts negotiations and clears the way for Chevron to resume pumping Venezuelan oil.

Venezuelan refugees eating soup as part of an international aid program in Colombia
Venezuelan refugees eating soup as part of an international aid program in Colombia, which hosts the largest number of refugees and migrants from its neighbor's political and humanitarian crisis (AN/Cristal Montañéz)

WASHINGTON (AN) — A new U.N.-administered fund to direct US$3 billion in humanitarian aid to Venezuelans will be set up under an agreement between representatives of President Nicolas Maduro's government and the opposition.

The signing of the agreement on Saturday in Mexico City between the socialist government and opposition, including U.S.-backed Juan Guaidó, restarts negotiations and clears the way for Chevron to resume pumping oil from its Venezuelan joint ventures.

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