"In view of the situation in Venezuela, the Council today decided exceptionally to extend its restrictive measures for six months only instead of one year, until 14 May 2024," it said in a statement.
The EU praised the deal reached by Venezuelan negotiators in Barbados in October, which set conditions for holding a competitive election in Venezuela. The council stressed it would consider lifting or easing the sanctions once the agreement takes effect.
"The Council is willing to take steps and consider the easing or reversal of restrictive measures depending on the evolution of the situation and the implementation of this political agreement," it stated.
The EU imposed sanctions on Venezuela after the government of Venezuelan President Nicolas Maduro won a majority of governorships in the 2017 regional elections, seen as unfair in Brussels.