The US Treasury Department will not renew a license set to expire on Thursday that had overall eased Venezuela oil sanctions.

  • Treasury says it has issued a replacement license giving companies 45 days to “wind down” their business and transactions in the country's oil and gas sector
  • the US still will continue to allow another authorization from November 2022 to stand, which permits the oil company Chevron “to resume limited natural resource extraction operations in Venezuela.”

Sanctions on Venezuela were imposed by the Trump admin in 2019.