Halt All United States Investments in Venezuela’s Energy Sector Act of 2024

Bill: 118-s-4993
Sponsor: full_name: Sen. Durbin, Richard J. [D-IL]
Introduced: 2024-09-09
Policy area: International Affairs
Latest action: action_date: 2024-09-09
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S5893)

Summaries:

tv_txt: II 118th CONGRESS 2d Session S. 4993 IN THE SENATE OF THE UNITED STATES September 9, 2024 Mr. Durbin introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban 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. Short title This Act may be cited as the Halt All United States Investments in Venezuela’s Energy Sector Act of 2024 . 2. Findings Congress makes the following findings: (1) On July 28, 2024, more than 10,000,000 citizens of Venezuela voted in a presidential election in which meticulously documented and publicized data from credible election monitors clearly and convincingly showed that opposition candidate Edmundo Gonzalez received more than two-thirds of the votes against the regime of Nicolas Maduro. (2) The Maduro regime has refused to respect the overwhelming choice of the people of Venezuela and subsequently arrested and abused thousands of innocent citizens of Venezuela, including children, for peaceful political participation. 3. Prohibition on investment by United States persons in energy sector of Venezuela until the legitimate results of the July 28, 2024, election are respected (a) Prohibition (1) In general Beginning on the date of the enactment of this Act, the following transactions are prohibited: (A) Any transaction by a United States person, or an entity owned or controlled by a United States person, to invest, trade, or operate within the energy sector of Venezuela, including the provision of goods, services, or finance to— (i) Petroleos de Venezuela, S.A., or subsidiaries, representatives, or related companies of Petroleos de Venezuela, S.A.; or (ii) the regime of Nicolas Maduro or any nondemocratic successor government in Venezuela. (B) Any transaction that evades or avoids, has the purpose of evading or avoiding, causes a violation of, or attempts to violate the prohibition under subparagraph (A). (2) Applicability The prohibitions under paragraph (1) shall apply— (A) to the extent provided by law and regulations, orders, directives, or licenses that may be issued pursuant to this section; and (B) notwithstanding any contract entered into or any license or permit granted before the date of the enactment of this Act. (b) Implementation; penalties (1) Implementation (A) In general The Secretary of the Treasury, in consultation with the Secretary of State, may take such actions, including prescribing regulations, as are necessary to implement this section. (B) IEEPA authorities The Secretary of the Treasury may exercise the authorities provided to the President under sections 203 and 205 of the International Emergency Economic Powers Act (50 U.S.C. 1702 and 1704) to the extent necessary to carry out this section. (2) Penalties A person that violates, attempts to violate, conspires to violate, or causes a violation of subsection (a) or any regulation, license, directive, or order issued to carry out that subsection shall be subject to the penalties set forth in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act ( 50 U.S.C. 1705 ) to the same extent as a person that commits an unlawful act described in subsection (a) of that section. (c) Responsibility of other agencies All agencies of the United States Government shall take all appropriate measures within their authority to carry out the provisions of this section. (d) Termination of prohibition The prohibitions under subsection (a) shall terminate on the date on which the President submits to Congress a determination that the regime of Nicolas Maduro has recognized the July 28, 2024, electoral victory of Edmundo Gonzalez and relinquished power to the legitimately democratically elected government in Venezuela. (e) United states person defined In this section, the term United States person means— (1) a United States citizen or alien lawfully admitted for permanent residence to the United States; (2) any entity organized under the laws of the United States or any jurisdiction within the United States (including a foreign branch of any such entity); and (3) any person physically located in the United States.