USA Again Tightens Sanctions on Venezuela

General License No.44 authorizing oil and gas related operations expired on April 18, 2024.



The United States has decided to reimpose sanctions on Venezuela’s oil sector.

This was stated by the US State Department, explaining: “After a thorough review of the current situation in Venezuela, the USA has determined that Nicolas Maduro and his representatives are not fully honoring the commitments made under the electoral roadmap agreement signed by representatives of Maduro and the opposition in Barbados in October 2023.”

For this reason, the General License 44, authorizing operations related to transactions in the Venezuelan oil and gas sector, which expires on April 18, will not be renewed.

In October 2023, the USA eased sanctions after Venezuela’s government and opposition parties reached an agreement on elections. However, at the moment of truth, the situation worsened: opposition leader Carolina Machado was barred from running, and her appointed successor was also unable to register his candidacy.

“We are concerned that Maduro and his representatives have prevented the democratic opposition from registering the candidate of their choice, harassed and intimidated political opponents, and unjustly detained numerous political figures and members of civil society,” the US State Department said in a statement. “We again call on Maduro to allow all candidates and parties to participate in the electoral process and to release all political prisoners without restrictions or delays.”

Companies operating in the oil and gas sector will be given 45 days to liquidate their assets and transactions in the OPEC oil and gas sector.