The legislation aims to halt investments by U.S. persons in Venezuela’s energy sector until the results of the July 28, 2024, election are respected.
It cites findings that over 10 million Venezuelans voted in the election, with opposition candidate Edmundo Gonzalez receiving a significant majority.
The Maduro regime is accused of not respecting the election results and committing abuses against citizens involved in peaceful political activities.
Prohibitions include any transactions by U.S. persons to invest, trade, or operate in Venezuela’s energy sector, specifically targeting Petroleos de Venezuela, S.A. and the Maduro regime.
The Secretary of the Treasury, in consultation with the Secretary of State, is authorized to implement the prohibitions and prescribe necessary regulations.
Violations of the prohibitions can result in penalties as outlined in the International Emergency Economic Powers Act.
The prohibitions will remain in effect until either the Maduro regime recognizes the election results or until December 31, 2027.
The President has the authority to waive the prohibitions on a case-by-case basis for national security reasons, with specific reporting requirements to Congress.
Definitions are provided for “United States person,” encompassing citizens, lawful permanent residents, and entities organized under U.S. laws.
