Through two licenses published on its website—one for trading hydrocarbons and another for the use of airports and ports—the Treasury has relaxed, without removing the sanctions tightened in 2019 that still weigh on the Caribbean country, the restrictions on Venezuela's natural goods, including oil and gas, so that U.S. companies can trade them. In turn, the Treasury also approved a license today that authorizes operations related to ports and airports in Venezuela. The U.S. Treasury Department relaxed restrictions this Tuesday so that American companies can operate in the Venezuelan oil market, albeit under strict control and reporting conditions. The Treasury's authorization was issued five weeks after the military operation with which the United States detained Nicolás Maduro in Caracas to transfer him to New York and accuse him of drug-related charges. Companies using the license to export or supply Venezuelan oil to countries other than the United States will have to submit detailed reports to President Donald Trump's administration. The licenses include strict conditions to prevent direct benefits to the Venezuelan government, such as any contract with Petróleos de Venezuela (PDVSA) or the state being governed by U.S. laws and any dispute being resolved in U.S. courts. Until now, Chevron was the only U.S. oil company with a special license to operate in Venezuela. After Maduro's ousting, Trump has assured that U.S. oil companies will return to operate in the Venezuelan oil market and will invest about $10 billion to modernize infrastructure. Additionally, payments to individuals under U.S. sanctions must be made to accounts designated by the Treasury to maintain a 'centralized financial control'. In these reports, the parties involved, amounts, values, destinations, and any payments to the Venezuelan government must be detailed, with initial reports due ten days after the first transaction and then every 90 days. The document allows 'ordinary and necessary' transactions for the use of logistics infrastructure, from paying landing fees and airport services to port operations such as docking, provided that such activities are indispensable for transportation and logistics and do not include sanctioned individuals or entities exempt from the established exceptions.
US Eases Sanctions on Venezuela's Oil Sector
The U.S. Treasury issued two new licenses, allowing U.S. companies to trade Venezuelan oil and gas and use the country's ports and airports. This comes as old sanctions are eased but not lifted. Companies must provide detailed reports and adhere to strict conditions to prevent direct benefits to the Venezuelan government.
