The USA is easing its sanctions against the Venezuelan oil sector and allowing extensive business with the state-owned company PdVSA.
03/19/2026, 04:5803/19/2026, 04:58
All transactions are permitted under certain conditions, the US Treasury Department said.
Offshore oil facilities off Venezuela. Image: keystone
The move comes at a time when oil prices have risen sharply as a result of the war in Iran. The price reached its highest level in years, partly because shipping traffic through the Strait of Hormuz – the most important oil trade route in the world – is disrupted. Against this background, Venezuela with its large oil reserves is once again coming into focus.
Accordingly, US companies are now again allowed to do business on a large scale with the state-owned company and its subsidiaries. Transactions related to countries such as Russia, Iran or North Korea are excluded. Payments to government entities are to be processed through US-controlled accounts. (sda/dpa)