Bill > HR328

This bill aims to halt all investment by U.S. persons in Venezuela's energy sector in response to the Venezuelan government's refusal to respect the results of the July 28, 2024 presidential election. The legislation prohibits any transactions by U.S. persons or U.S.-controlled entities with Venezuela's state-owned oil company (Petroleos de Venezuela, S.A.) or the Maduro regime, effectively imposing economic sanctions. The bill is triggered by findings that opposition candidate Edmundo Gonzalez won over two-thirds of votes in a well-monitored election, but was subsequently denied victory, with the Maduro regime arresting thousands of citizens for peaceful political participation. The prohibition will remain in effect until either the Maduro regime recognizes Gonzalez's electoral victory and transfers power, or until December 31, 2027. The President retains limited waiver authority to suspend sanctions for up to 90 days at a time if deemed vital to U.S. national security interests, but must provide detailed reports to congressional committees explaining such waivers. The bill defines "United States person" broadly to include U.S. citizens, permanent residents, U.S.-organized entities, and persons physically located in the United States. Violations of the sanctions could result in penalties consistent with the International Emergency Economic Powers Act.

Military Affairs and Security

https://www.congress.gov/bill/119th-congress/house-bill/328/all-info