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EU Parliament Rejects Venezuela Vote Without Machado

(Bloomberg) -- The EU Parliament said it will not recognize Venezuela’s presidential elections unless the government allows opposition candidate María Corina Machado to participate.

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The message is a forceful response to Venezuelan President Nicolás Maduro’s move to reaffirm a ban on Machado last month. The resolution from the EU parliament goes a step forward than recent statements from the US, which has reiterated its emphasis on the resolution of the electoral process, instead of a particular candidate.

Venezuela notes fell across the curve as the market assessed the resolution’s impact. Government bonds maturing in 2027 dropped more than a cent to around 18 cents on the dollar, according to indicative pricing data compiled by Bloomberg.

Machado’s participation would allow for a “competitive and truly democratic presidential election in 2024,” the EU parliament said Thursday in a non-binding resolution. If this and other conditions are not met, the EU should not consider sending an electoral observation mission to Venezuela, the statement said.

The parliament also called for further EU sanctions against Venezuela’s Supreme Court judges and security force members involved in “systematic abuses” against government critics, including politicians and journalists.

“We are a free and sovereign nation, and don’t care about what the insolent European Parliament says,” Venezuela’s National Assembly VP, Pedro Infante, said on X following the resolution.

Read More: US Officials Urge Colombia to Engage With Venezuela Opposition

(Updates with market impact in third paragraph. A previous version of this story corrected vote was by EU Parliament in the first paragraph.)

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