U.S. Expands Economic Pressure on Venezuela, Affecting Major Companies

The Trump administration plans to expand its economic offensive against Venezuela by pushing more companies, such as Chevron, to cease operations, citing Maduro’s failure to implement electoral reforms and repatriate migrants. Critics argue this may harm American interests and the Venezuelan populace.

The Trump administration is poised to intensify its economic measures against Venezuela, compelling additional companies to halt their operations within the country. Reports from Bloomberg indicate that officials have alerted several firms regarding imminent revocations of their licenses, granting them only 30 days to cease operations post-notification. Among those affected are the French oil producer Etablissements Maurel & Prom SA and the Spanish oil giant Repsol.

This development follows the previous revocation of Chevron’s license to operate in Venezuela, which occurred in late February. The administration has mandated that Chevron must conclude all operations by April 3, in a significant setback for Nicolás Maduro’s authoritarian regime. Chevron’s activities, which have bolstered production in Venezuela over recent years, account for nearly 20% of the firm’s total output and have contributed to sustaining the nation’s struggling economy.

Critics maintain that Chevron’s presence in Venezuela offers crucial support to a regime that has maintained power through questionable means. Trump has accused Maduro of failing to implement promised electoral reforms and of not repatriating Venezuelan migrants in the U.S. as agreed.

In a statement, Trump affirmed, “We are hereby reversing the concessions that Crooked Joe Biden gave to Nicolás Maduro on the oil transaction agreement… and also having to do with Electoral conditions within Venezuela, which have not been met by the Maduro regime.” He also lamented, “the regime has not been transporting the violent criminals that they sent into our Country… back to Venezuela at the rapid pace that they had agreed to.”

In response, Venezuelan Vice President Delcy Rodríguez criticized the sanctions against Chevron, stating, “The United States government has made a damaging and inexplicable decision… intending to harm the Venezuelan people, in reality, it is inflicting harm on the United States…” She emphasized the implications such actions have for legal security in international investments involving the U.S.

The Trump administration’s strategy to escalate economic pressure on Venezuela signifies a significant shift in U.S. foreign policy regarding the region. The impending revocation of licenses for multiple companies, including Chevron, supports the effort to dismantle Maduro’s regime but raises concerns about humanitarian impacts. Critics argue it may also reflect negatively on U.S. interests and investment reliability internationally.

Original Source: www.inkl.com