President Trump has revoked Chevron’s permit to operate in Venezuela, diminishing a critical revenue source for the country’s struggling economy under President Maduro. Accusations against Maduro for failing to meet certain commitments have fueled this decision, which is part of a broader strategy to reimpose sanctions. This could potentially lead to severe economic repercussions for Venezuela, while also affecting migration patterns and US diplomatic relations.
On Wednesday, President Donald Trump announced the revocation of Chevron’s permission to operate in Venezuela, marking a significant setback for the struggling economy overseen by President Nicolas Maduro. This move eliminates a vital revenue source for a country grappling with economic instability.
Trump criticized Maduro for not fulfilling commitments regarding the repatriation of Venezuelans deported from the United States. Earlier, a diplomatic engagement led to expectations of a more pragmatic approach from the US administration towards Venezuela, but Trump’s sanctions restore the previous pressure.
In 2022, the Biden administration relaxed some sanctions, allowing Chevron to operate in Venezuela in exchange for the release of detained Americans and assurances for free elections from Maduro. However, as Maduro continued to marginalize opposition voices, Biden reinstated many sanctions while maintaining Chevron’s operational rights to prevent an oil price spike prior to the elections.
“We are hereby reversing the concessions that Crooked Joe Biden gave to Nicolas Maduro,” Trump stated on his Truth Social platform. He implied that Maduro’s election conditions were unmet, highlighting allegations of vote rigging when Maduro was sworn in for a third term last month.
Additionally, Trump pointed out that Venezuela’s regime has not repatriated the violent criminals as promised. The absence of Chevron, which had previously ceased production in 2018 due to Trump-era sanctions, poses significant risk to Venezuela’s oil production, accounting for nearly one quarter of its output.
Venezuelan Vice President Delcy Rodriguez condemned Trump’s decision, claiming it would exacerbate US migration issues. She remarked on the collateral damage this policy inflicts on the United States, suggesting that it undermines the legal foundations of international investment.
In response to the sanctions, the Trump administration sought to deport approximately 600,000 Venezuelans in the U.S. who were previously protected under Biden’s policy. A Trump envoy, Ric Grenell, demanded the repatriation of Venezuelan nationals after a diplomatic visit.
Chevron responded by stating it is aware of Trump’s decision and is assessing its implications. Market analysts predict a significant economic downturn in Venezuela, with potential monthly losses of $150-200 million due to Chevron’s absence, affecting inflation and growth.
In conclusion, President Trump’s revocation of Chevron’s operating permit in Venezuela is a strategic move intended to increase pressure on the Maduro regime, reflecting a return to stringent sanctions. This decision threatens economic stability in Venezuela and may worsen migration issues for the United States. The outcome of these policy changes may significantly impact both nations’ socio-economic landscapes in the foreseeable future.
Original Source: www.rfi.fr
