I 

118TH CONGRESS 

2D SESSION H. R. 9995 

To immediately halt investment by United States persons in the energy 

sector of Venezuela until the legitimate results of the July 28, 2024, 

election are respected. 

IN THE HOUSE OF REPRESENTATIVES 

OCTOBER 15, 2024 

Ms. WASSERMAN SCHULTZ (for herself and Ms. SALAZAR) introduced the 

following bill; which was referred to the Committee on Foreign Affairs 

A BILL 

To immediately halt investment by United States persons 

in the energy sector of Venezuela until the legitimate 

results of the July 28, 2024, election are respected. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Revoke Exemptions 

5 for Venezuelan Oil to Curb Autocratic Repression Act of 

6 2024’’ or the ‘‘REVOCAR Act’’. 

7 SEC. 2. FINDINGS. 

8 Congress makes the following findings: 


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1 (1) On July 28, 2024, more than 10,000,000 

2 citizens of Venezuela voted in a presidential election 

3 in which meticulously documented and publicized 

4 data from credible election monitors clearly and con5 vincingly showed that opposition candidate Edmundo 

6 Gonzalez received more than two-thirds of the votes 

7 against the regime of Nicolas Maduro. 

8 (2) The Maduro regime has refused to respect 

9 the overwhelming choice of the people of Venezuela 

10 and subsequently arrested and abused thousands of 

11 innocent citizens of Venezuela, including children, 

12 for peaceful political participation. 

13 SEC. 3. PROHIBITION ON INVESTMENT BY UNITED STATES 

14 PERSONS IN ENERGY SECTOR OF VENEZUELA 

15 UNTIL THE LEGITIMATE RESULTS OF THE 

16 JULY 28, 2024, ELECTION ARE RESPECTED. 

17 (a) PROHIBITION.— 

18 (1) IN GENERAL.—Beginning on the date of the 

19 enactment of this Act, the following transactions are 

20 prohibited: 

21 (A) Any transaction by a United States 

22 person, or an entity owned or controlled by a 

23 United States person, to invest, trade, or oper24 ate within the energy sector of Venezuela, inVerDate Sep 11 2014 23:04 Oct 24, 2024 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H9995.IH H9995

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1 cluding the provision of goods, services, or fi2 nance to— 

3 (i) Petroleos de Venezuela, S.A., or 

4 subsidiaries, representatives, or related 

5 companies of Petroleos de Venezuela, S.A.; 

6 or 

7 (ii) the regime of Nicolas Maduro or 

8 any nondemocratic successor government 

9 in Venezuela. 

10 (B) Any transaction that evades or avoids, 

11 has the purpose of evading or avoiding, causes 

12 a violation of, or attempts to violate the prohi13 bition under subparagraph (A). 

14 (2) APPLICABILITY.—The prohibitions under 

15 paragraph (1) shall apply— 

16 (A) to the extent provided by law and reg17 ulations, orders, directives, or licenses that may 

18 be issued pursuant to this section; and 

19 (B) notwithstanding any contract entered 

20 into or any license or permit granted before the 

21 date of the enactment of this Act. 

22 (b) IMPLEMENTATION; PENALTIES.— 

23 (1) IMPLEMENTATION.— 

24 (A) IN GENERAL.—The Secretary of the 

25 Treasury, in consultation with the Secretary of 


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1 State, may take such actions, including pre2 scribing regulations, as are necessary to imple3 ment this section. 

4 (B) IEEPA AUTHORITIES.—The Secretary 

5 of the Treasury may exercise the authorities 

6 provided to the President under sections 203 

7 and 205 of the International Emergency Eco8 nomic Powers Act (50 U.S.C. 1702 and 1704) 

9 to the extent necessary to carry out this section. 

10 (2) PENALTIES.—A person that violates, at11 tempts to violate, conspires to violate, or causes a 

12 violation of subsection (a) or any regulation, license, 

13 directive, or order issued to carry out that sub14 section shall be subject to the penalties set forth in 

15 subsections (b) and (c) of section 206 of the Inter16 national Emergency Economic Powers Act (50 

17 U.S.C. 1705) to the same extent as a person that 

18 commits an unlawful act described in subsection (a) 

19 of that section. 

20 (c) RESPONSIBILITY OF OTHER AGENCIES.—All 

21 agencies of the United States Government shall take all 

22 appropriate measures within their authority to carry out 

23 the provisions of this section. 


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1 (d) TERMINATION OF PROHIBITION.—The prohibi2 tions under subsection (a) shall terminate on the earlier 

3 of— 

4 (1) on the date on which the President submits 

5 to Congress a determination that the regime of 

6 Nicolas Maduro has recognized the July 28, 2024, 

7 electoral victory of Edmundo Gonzalez and relin8 quished power to the legitimately democratically 

9 elected government in Venezuela; or 

10 (2) December 31, 2027. 

11 (e) WAIVER AUTHORITY.— 

12 (1) IN GENERAL.—The President may waive, 

13 on a case-by-case basis and for a period of not more 

14 than 90 days, the prohibitions under subsection (a) 

15 not less than 30 days after the President determines 

16 and reports to the appropriate congressional com17 mittees that it is vital to the national security inter18 ests of the United States to waive such sanctions. 

19 (2) RENEWAL OF WAIVERS.—The President 

20 may, on a case-by-case basis, renew a waiver under 

21 paragraph (1) for an additional period of not more 

22 than 90 days if, not later than 15 days before that 

23 waiver expires, the President makes the determina24 tion and submits to the appropriate congressional 

25 committees a report described in paragraph (1). 


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1 (3) CONTENT OF WAIVER REPORTS.—Each re2 port submitted under this subsection in connection 

3 with a waiver of the prohibitions under subsection 

4 (a), or the renewal of such a waiver, shall include— 

5 (A) a specific and detailed rationale for the 

6 determination that the waiver is vital to the na7 tional security interests of the United States; 

8 (B) a description of the transaction or type 

9 of transaction prohibited by this Act that will 

10 be permitted, including a list of prohibited for11 eign entities that are determined to be involved 

12 in the transaction or type of transaction; 

13 (C) an explanation of any efforts made by 

14 the United States to restrict financial flows to 

15 the regime of Nicolas Maduro in order to con16 strain his ability to repress the Venezuelan peo17 ple; and 

18 (D) an assessment of the impact of 

19 waiving the prohibitions under subsection (a) 

20 on— 

21 (i) the probability of achieving a 

22 democratic transition in Venezuela as de23 scribed in subsection (d)(1); 

24 (ii) the financial resources available to 

25 the regime of Nicolas Maduro or any nonVerDate Sep 11 2014 23:04 Oct 24, 2024 Jkt 059200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H9995.IH H9995

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1 democratic successor government in Ven2 ezuela; and 

3 (iii) the ability of the regime of Nico4 las Maduro or any nondemocratic suc5 cessor government in Venezuela to violate 

6 human rights, engage in repression, or 

7 threaten the interests of the United States. 

8 (4) APPROPRIATE CONGRESSIONAL COMMIT9 TEES DEFINED.—In this subsection, the term ‘‘ap10 propriate congressional committees’’ means— 

11 (A) the Committee on Foreign Affairs of 

12 the House of Representatives; 

13 (B) the Committee on Foreign Relations of 

14 the Senate; 

15 (C) the Committee on Appropriations of 

16 the House of Representatives; and 

17 (D) the Committee on Appropriations of 

18 the Senate. 

19 (f) UNITED STATES PERSON DEFINED.—In this sec20 tion, the term ‘‘United States person’’ means— 

21 (1) a United States citizen or alien lawfully ad22 mitted for permanent residence to the United States; 

23 (2) any entity organized under the laws of the 

24 United States or any jurisdiction within the United 


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1 States (including a foreign branch of any such enti2 ty); and 

3 (3) any person physically located in the United 

4 States. 

Æ 


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