The Treasury Department announced Wednesday that it has granted authorization for specific business transactions involving Venezuela’s government-owned petroleum corporation PDVSA.
This reversal of restrictions originally implemented by President Donald Trump in 2019 during his previous administration represents the most recent step by the current government to reduce penalties against Venezuela following the seizure of President Nicolas Maduro by American forces in January.
The full consequences of this authorization remain unclear, as Venezuela’s petroleum sales are currently under U.S. management, with earnings placed into American-controlled bank accounts before being allocated to Venezuela’s temporary government.
Trump aims to attract energy corporations to invest $100 billion into Venezuela’s deteriorating petroleum industry, which has been damaged by decades of poor maintenance, fraudulent practices, and American economic penalties.
