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Venezuela: Overview of U.S. Sanctions Policy (CRS Report for Congress)

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Release Date Revised Dec. 19, 2024
Report Number IF10715
Report Type In Focus
Authors Clare Ribando Seelke; Mark P. Sullivan
Source Agency Congressional Research Service
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Summary:

Since 2005, the United States has imposed targeted sanctions on Venezuelan individuals and entities that have engaged in criminal, antidemocratic, or corrupt actions. U.S. sanctions have been imposed via both executive and congressional action. In response to increasing repression and corruption under President Nicolás Maduro, in power since 2013, the Trump Administration expanded U.S. sanctions to include financial and sectoral sanctions, as well as sanctions on the Maduro government. In November 2022, the Biden Administration offered limited sanctions relief after Maduro and the opposition resumed negotiations on, among other topics, the 2024 elections. In October 2023, the Administration granted a six-month general license for companies to engage in Venezuela’s oil and gas sector to incentivize the Maduro government to comply with an electoral roadmap it had agreed to with the opposition. In April 2024, the Administration did not renew the general license. A State Department statement on the expiration of the license said that Maduro officials had violated parts of the electoral roadmap, including by barring opposition primary winner Maria Corina Machado from running. On July 28, 2024, Venezuela’s National Electoral Commission claimed that Maduro won 51.2% of the vote, defeating the Unitary Platform (PUD) candidate Edmundo González Urrutia, backed by Machado. These results contradict precinct-level voting tabulations published by the PUD, showing González won with 67% of the vote. The Biden Administration recognized González as the winner on August 1 and as the president-elect on November 21. Maduro officials have enforced the election results they claim through postelection repression of protesters, activists, and opposition leaders. After the attorney general issued an arrest warrant accusing González of terrorism, González fled into exile in Spain. On September 12, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed financial sanctions on 16 Maduro officials for their role in either electoral fraud or repression. OFAC imposed sanctions on another 21 security and Cabinet officials on November 27.
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