US Eases Sanctions on Venezuelan Oil, Fertilizer Exports

The United States, on March 13, moved to ease sanctions on Venezuela to allow imports of petrochemical products and investments in Venezuela’s oil industry amid rising commodity prices due to the war in Iran. The U.S. Treasury Department issued a license allowing the sale of Venezuelan oil and petrochemical products, including fertilizer and its precursor chemicals, for import into the United States. It also issued a second license authorizing U.S. companies to provide goods, technology, or services for the exploration and production of oil, gas, or petrochemical products in Venezuela. A third license permits U.S. entities to negotiate contingent contracts for new investments in Venezuela’s oil, gas, petrochemical, or electricity sectors, provided the contracts remain subject to separate authorization from the Treasury Department’s Office of Foreign Assets Control (OFAC)....