US President Trump has revoked oil concessions granted to Venezuela by Biden due to non-compliance with electoral conditions and unresolved deportation issues. This revocation affects Chevron’s operations and is part of ongoing tensions regarding Maduro’s administration. Critics in Venezuela warn of significant economic consequences, while experts await further guidance from the US Treasury about the sanctions situation.
US President Donald Trump has revoked the oil concessions that former President Joseph Biden granted to Venezuela, citing the country’s failure to adhere to electoral conditions and inadequate cooperation regarding the deportation of violent criminals. This decision affects Chevron’s operational capabilities in Venezuela, which Biden had authorized in 2022. Trump expressed his disapproval of President Nicolás Maduro’s administration for not fulfilling the agreed-upon terms.
In a post on Truth Social, Trump stated the oil transaction agreement’s reliance on electoral conditions that Maduro has not satisfied, leading him to rescind the Biden Concession Agreement effective March 1. The US does not endorse Maduro’s recent reelection and supports the exiled Edmundo González Urrutia, claiming he won the July 28, 2024, elections.
Delcy Rodríguez, Venezuela’s Executive Vice President, criticized Trump’s action as “harmful and inexplicable,” warning it could result in severe macroeconomic repercussions, such as impacts on revenue and currency exchange rates. She condemned the pushback from the opposition, stating, “Let us expect nothing but from ourselves,” quoting Uruguayan leader José Gervasio Artigas.
Experts are currently anticipating a ruling from the US Treasury Department’s Office of Foreign Assets Control (OFAC) by March 1 regarding the sanctions. Earlier in April 2024, Biden had reinstated many sanctions on Venezuelan oil after Maduro failed to meet electoral commitments, though some oil companies retained individual licenses to operate.
This year, the Trump administration facilitated the return of six US citizens previously detained in Venezuela, with assurances from the country to accept back its irregular migrants expelled by the US. This diplomatic maneuvering continues amidst the contentious US-Venezuela relationship.
Trump’s revocation of Biden’s oil concessions to Venezuela is a significant shift in US policy, emphasizing electoral compliance and international cooperation. As Venezuela faces potential economic ramifications, the US maintains its stance on recognizing opposition claims over Maduro’s government. The forthcoming decision from OFAC will further clarify the implications of these sanctions and concessions moving forward.
Original Source: en.mercopress.com
