REVOCAR Act Revoke Exemptions for Venezuelan Oil to Curb Autocratic Repression Act of 2024
Impact
If passed, the bill would enforce significant restrictions on transactions involving U.S. persons or entities in Venezuela's energy sector, directly targeting the Maduro regime's financial support mechanisms. The Secretary of the Treasury, in coordination with the Secretary of State, would be empowered to implement the bill, which could include issuing penalties for any violations. Furthermore, exemptions can only be made if the President deems it crucial for national security and must report such determinations to Congress, establishing a regulatory framework for bilateral relations focused on human rights and democratic governance.
Summary
House Bill 9995, known as the 'REVOCAR Act', seeks to halt American investments in the energy sector of Venezuela until the outcomes of the presidential election held on July 28, 2024, are acknowledged and respected. This legislation arises in the context of ongoing political repression under the regime of Nicolás Maduro, which has faced widespread accusations of illegitimacy following the July 2024 elections. The bill stipulates stringent prohibitions on any investment, trade, or operational activities by U.S. entities or individuals in Venezuela's energy sector, particularly in relation to Petróleos de Venezuela, S.A.
Contention
The bill is expected to provoke debates around U.S. foreign policy towards Venezuela, particularly regarding the balance of economic sanctions and support for democratic elements within the country. Critics may argue that such sanctions disproportionately affect the Venezuelan populace rather than the regime, raising concerns about humanitarian conditions. Additionally, the effectiveness of sanctions in promoting democratic transitions is often contested, with opposing factions highlighting the negative repercussions on the general public while regulators aim to undermine the Maduro government’s influence over the Venezuelan economy.
Recognizing Edmundo González of Venezuela as the winner of the Venezuelan Election which took place on July 28th, 2024 and condemning the Maduro regime.