Halt All United States Investments in Venezuela’s Energy Sector Act of 2025

Bill: 119-s-261
Sponsor: full_name: Sen. Durbin, Richard J. [D-IL]
Introduced: 2025-01-27
Policy area: International Affairs
Latest action: action_date: 2025-01-27
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S396; text: CR S396-397)

Summaries:

tv_txt: II 119th CONGRESS 1st Session S. 261 IN THE SENATE OF THE UNITED STATES January 27, 2025 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 2025 . 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) Despite overwhelming evidence that Edmundo Gonzalez won a decisive victory to be Venezuela’s next president, the Maduro regime ignored the results of the election and the law of Venezuela by forcibly refusing to allow Gonzalez to be sworn in on Venezuela’s January 10, 2025, inauguration day. 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 petroleum-related transaction allowed— (i) as a result of the Partial Agreement on the Promotion of Political Rights and Electoral Guarantees for All, agreed to by the regime of Nicolas Maduro and the political opposition in Venezuela in October 2023 (commonly known as the Barbados Agreement ); or (ii) pursuant to a license issued after entry into that agreement relating to petroleum-related transactions with Venezuela. (B) Any transaction allowed under General License No. 41 or General License No. 8M of the Office of Foreign Assets Control of the Department of the Treasury on the day before such date of enactment. (2) Applicability The prohibitions under paragraph (1) shall apply to the extent provided by law and regulations, orders, directives, or licenses that may be issued pursuant to this section. (b) National security waiver The President may waive the prohibitions under subsection (a) if the President— (1) determines that the waiver is in the national security interests of the United States; and (2) submits in writing to the appropriate congressional committees a report, which may include a classified annex, on that determination and the reasons for the determination. (c) 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 For purposes of implementing this section, 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). (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. (d) 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. (e) 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 or to a transitional government that includes and is agreed to by the legitimately elected political opposition in Venezuela. (f) Definitions In this section: (1) Appropriate congressional committees The term appropriate congressional committees means— (A) the Committee on Banking, Housing, and Urban Affairs and the Committee on Foreign Relations of the Senate; and (B) the Committee on Financial Services and the Committee on Foreign Affairs of the House of Representatives. (2) United states person The term United States person means— (A) a United States citizen or alien lawfully admitted for permanent residence to the United States; (B) 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 (C) any person physically located in the United States.