United States reimposes oil sanctions on Venezuela

The United States has announced the reinstatement of sanctions against Venezuela's oil and gas sectors, in response to the continued repression of the opposition by Nicolas Maduro's government.

Share:

USA réimposent sanctions Venezuela

Washington reinstates punitive sanctions against Venezuela following the failure of democratic negotiations planned in Barbados last October. Despite an agreement to hold internationally monitored presidential elections on July 28, the Maduro regime’s exclusion of Maria Corina Machado and her replacement Corina Yoris has exacerbated tensions. Matthew Miller, spokesman for the US State Department, openly criticizes the obstacles to the registration of opposition candidates, and the acts of intimidation and detention practiced by the regime.

Venezuelan response to sanctions

Despite the US sanctions, Pedro Tellechea, Venezuelan Oil Minister and Chairman of Petroleos de Venezuela (PDVSA), insists that the Venezuelan economy remains stable and that the sanctions have no significant effect. It proclaims the continued development and progress of the national oil sector despite the international context.

Legal framework and implications of sanctions

The general license known as “GL44,” which allowed transactions with the Venezuelan oil and gas sector for six months, will expire without renewal. American and international companies involved in this sector have until May 31 to comply with the new sanctions guidelines, indicating a strict transition to the application of punitive measures.

Electoral and international context

Maria Machado’s reaction, speaking to AFP, illustrates the frustration of the opposition, which sees these sanctions as a necessary means of pressure to encourage free and fair elections. At the same time, international observer missions, including delegates from the European Union, the Carter Center and a panel of UN experts, are scheduled to monitor the July 28 poll, underlining the importance of international validation of the electoral process.

President Nicolas Maduro, who is seeking a third term in office, and his government remain defiant in the face of international pressure, illustrated by the re-imposition of similar sanctions against the state-owned gold mining company Minerven. This US sanctions strategy, initiated in 2019, is aimed at countering Maduro’s post-election policies of 2018, which were deemed contested.

BRICS adopt a joint financial framework aimed at supporting emerging economies while criticizing European carbon border tax mechanisms, deemed discriminatory and risky for their strategic trade relations.
The European Commission is launching an alliance with member states and industrial players to secure the supply of critical chemicals, amid growing competition from the United States and China.
Trade between Russia and Saudi Arabia grew by over 60% in 2024 to surpass USD 3.8 billion, according to Russian Minister of Industry and Trade Anton Alikhanov, who outlined new avenues for industrial cooperation.
Meeting in Rio, BRICS nations urge global energy market stability, openly condemning Western sanctions and tariff mechanisms in a tense economic and geopolitical context.
Despite strong ties, Iran's dependence on oil revenues limits its ability to secure substantial strategic support from Russia and China amid current international and regional crises, according to several experts.
Egypt’s Electricity Minister engages in new talks with Envision Group, Windey, LONGi, China Energy, PowerChina, and ToNGWEI to boost local industry and attract investments in renewable energy.
The potential closure of the Strait of Hormuz places Gulf producers under intense pressure, highlighting their diplomatic and logistical limitations as a blockage threatens 20 million daily barrels of hydrocarbons destined for global markets.
Budapest and Bratislava jointly reject the European Commission's proposal to ban Russian energy supplies, highlighting significant economic risks and a direct threat to their energy security, days ahead of a key meeting.
Libya officially contests Greece's allocation of offshore oil permits, exacerbating regional tensions over disputed maritime areas south of Crete, rich in hydrocarbons and contested by several Mediterranean states.
Hungary, supported by Slovakia, strongly expresses opposition to the European Commission's plan to phase out imports of Russian energy resources, citing major economic and energy impacts for Central Europe.
Israeli military strikes on Iran's Natanz nuclear site destroyed critical electrical infrastructure but did not reach strategic underground facilities, according to the International Atomic Energy Agency (IAEA).
The French president travels to Nuuk on 15 June to support Greenlandic sovereignty, review energy projects and respond to recent US pressure, according to the Élysée.
Kazakhstan has selected Rosatom and China National Nuclear Corporation to build two nuclear power plants totaling 2.4 GW, a decision following a favorable referendum and coinciding with Xi Jinping’s upcoming strategic visit.
Israeli strikes against Iranian nuclear sites disrupt US-Iranian talks on the nuclear deal. Tehran now considers canceling the upcoming negotiation round in Oman, heightening regional economic concerns.
Facing alarming breaches of uranium enrichment thresholds by Iran and explicit existential threats, Israel launches targeted military strikes against Iranian nuclear infrastructure, escalating regional tensions dramatically.
The Kremlin has confirmed that Vladimir Putin aims to help resolve the nuclear dispute between the United States and Iran, leveraging strengthened strategic ties with Tehran.
President Lee Jae-myung adopts an energy diplomacy rooted in national interest, amid a complex international landscape of rivalries that could create challenging situations for the country and its energy businesses.
Paris and Warsaw held a bilateral workshop in Warsaw to strengthen coordination on electricity infrastructure investments and supply security under the Nancy Treaty.
Donald Trump firmly rejects any uranium enrichment by Iran, while Russia affirms Tehran’s right to civil nuclear power, intensifying tensions in negotiations over the Iranian nuclear program.
Syria has signed a $7bn agreement with a consortium of companies from Qatar, Turkey and the United States to rebuild its national power sector.