The Trump administration is intensifying economic pressure on Venezuela by urging companies to cease operations, particularly following the revocation of Chevron’s license. Companies like Etablissements Maurel & Prom and Repsol are also affected. President Trump criticized Maduro’s regime while Venezuelan officials condemned the U.S. sanctions for harming both nations.
The Trump administration plans to intensify its economic measures against Venezuela, urging more companies to terminate their operations within the country. Reports from Bloomberg indicate that officials have indicated several companies will receive advance notifications regarding the revocation of their licenses, with a grace period of 30 days to cease activities. French oil producer Etablissements Maurel & Prom SA and Spanish oil giant Repsol are notably among those affected.
This move follows the formal revocation of Chevron’s license to operate in Venezuela, which was enacted at the end of February. Chevron has been given until April 3 to halt all operations, significantly impacting Nicolás Maduro’s authoritarian regime. The company has bolstered production in Venezuela over recent years, contributing to about 20% of its total output and, consequently, aiding the country’s struggling economy.
Critics contend that the operations of these companies serve as a support system for an authoritarian regime that has maintained power through dubious means. President Trump has asserted that Maduro has failed to deliver on promised electoral reforms and does not adequately manage the repatriation of Venezuelan migrants residing in the United States.
President Trump stated, “We are hereby reversing the concessions that Crooked Joe Biden gave to Nicolás Maduro… which have not been met by the Maduro regime.” He further criticized the lack of rapid transport of violent criminals from the U.S. back to Venezuela, suggesting a failure to uphold agreements.
In response to these sanctions, Venezuelan Vice President Delcy Rodríguez criticized the U.S. decision, labeling it as “damaging and inexplicable.” She argued that these actions intend to harm the Venezuelan populace, yet they ultimately jeopardize American interests and question the legal security of U.S. investments internationally.
The United States, under the Trump administration, is expanding its economic offensive against Venezuela, increasingly pushing companies to exit the market. This culminates in the revocation of Chevron’s operating license, which has significant implications for Venezuela’s economy. Criticism of these sanctions highlights concerns that such measures may inadvertently harm American interests while reaffirming the complexities of U.S.-Venezuela relations.
Original Source: www.inkl.com
