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The Trump administration has revoked many permits and licenses that allow western oil companies to do business in Venezuela to put economic and diplomatic pressure on President Nicolas Maduro.
Italian oil major Eni said on Sunday that US officials were informed by US officials that the state oil company PDVSA is no longer permitted to be repaid for gas produced in Venezuela through a given oil supply.
The Italian energy company said it will work with Washington to determine how it will provide an unlicensed gas supply essential to the local population and receive their payments.
“Ani is always fully complying with the international sanctions framework,” Enni said in a statement.
Global Oil Terminal, a trading company owned by the large, large Harry Sgt. III, said it also received a notice from the US government that it must suppress its licenses to export products from Latin American countries.
Sargeant, a well-known Republican donor, told the Financial Times the company’s “licensing must end by May 27th, and all payments to Venezuelan entities must be made by this Wednesday.”
Several other companies that were granted exemptions from the US government under former President Joe Biden, including Spain’s Repsol, France’s Maurel & Prom and India’s trust did not immediately reply to requests for comment.
A U.S. Treasury spokesman declined to comment. A Venezuelan government spokesman declined to respond to a request for comment.
The exemptions and licence suspensions that allow Western companies to do business with Venezuelan state oil company PDVSA are the latest measures taken by the Trump administration, which put pressure on Maduro, who was sworn in for a third term in January despite extensive evidence of fraud in the July election.
Last week, Trump said the US would impose a 25% tariff on all imports from all countries that buy oil from Venezuela.
The announcement repeated the exchange rates on the Venezuelan black market. This has skyrocketed from near 90 Bolivar on Monday to 102 on Friday evening.
In a post about the True Society, Trump said, “Venezuela is intentional and deceived, covered in the US, masked, tens of thousands of high levels, and other criminals, many of whom are murderers and people of a very violent nature.”
More than 7.7 million Venezuelans, nearly a quarter of the population, fled oppression and economic collapse during Maduro’s 12-year government, with most settling in other Latin American countries.
The lawsuit against ENI and the global oil terminal follows Washington’s decision to cancel its license to operate in Venezuela despite a fierce lobbying campaign by US oil majors.
Venezuela exported 660,000 barrels of crude oil a day around the world last year.
Analysts estimate that Chevron and ENI licenses are worth more than $4.5 billion for the Maduro government last year. Opposition figures say the money was spent on funding the oppression.
