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Industry Requests Multilateral Approach to Venezuelan Crisis

In August, the Trump Administration imposed financial sanctions on Venezuela, further isolating the regime of President Nicolás Maduro which has suppressed democracy and eroded living standards across the country. Recent reports indicate the Trump Administration is considering imposing unilateral energy sanctions, which could prohibit American companies from working in Venezuela’s oilfields or bar the imports of Venezuelan oil.

On October 31, PESA voiced its opposition to unilateral energy sanctions in a letter to key members of the Trump Administration, stating more sanctions would only exacerbate the economic and humanitarian crisis confronting the Venezuelan people. PESA encouraged the Administration to continue to work with its allies, particularly those in Latin America, to exert multilateral diplomatic pressure on the Maduro regime. Targeted multilateral sanctions against those misappropriating national wealth and suppressing democracy are more appropriate and effective than energy sanctions that impose broad hardship on the Venezuelan people.

PESA will continue to work with industry to educate policy makers on the impact of Venezuela energy sanctions. For further questions, please contact PESA Senior Director of Public Policy, Jean Gould.

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