The Biden administration put in place sanctions relief to incentivize the Nicolás Maduro government to enable free elections. Venezuela is likely to become subject to further US sanctions as they are alleged to have failed to uphold this agreement. There is unlikely to be a further lifting of sanctions unless all Venezuelan opposition candidates are allowed to run unencumbered in the next presidential election on July 28th.
Companies in particular needed to either seek licences or have exited business in particular with Petróleos de Venezuela S.A the state oil company better known as PDVSA.
Venezuela has openly indicated it will seek to avoid sanctions. In the past this avoidance has used traditional means as well as cryptocurrency. Venezuela has the largest oil reserves on the planet There is a risk that continued sanctions deepen ties between Venezuela and China and Russia, with China likely to be the largest oil export market. These ties are likely to further drive political criticism in the US hardening any sanctions position.
Sources:
Congressional Research Service
OFAC