The US Further Conditionally Relaxes Energy-related Transactions With Venezuela

 The US is further conditionally relaxing transactions related to energy with Venezuela.

 In response to the pressure of rising prices of energy and other commodities caused by the escalation of the situation in Iran, the U.S. Treasury Department issued a document on March 13, further conditionally relaxing transactions related to the oil and gas industries in Venezuela.

 The Office of Foreign Assets Control, a division of the U.S. Treasury Department, released three general license documents that day, conditionally allowing U.S. entities to engage in transactions related to Venezuelan oil or petroleum products, provide goods and services to Venezuela for the development or production of oil, gas, and petrochemical products, and negotiate or enter into agreements with Venezuela in the fields of oil, gas, petrochemicals, or electricity.

 Reuters and other media cited a U.S. Treasury Department official as reporting that this authorization expands the scope of U.S. investment and activities in the Venezuelan energy industry and allows Venezuela to directly export fertilizers to the United States.

 On January 3 of this year, the US military launched a large-scale military strike on Venezuela, forcibly taking control of Venezuelan President Maduro and his wife and bringing them to the United States. US President Trump stated that the US will "manage" Venezuela until a "safe" transition is implemented, and large US oil companies will invest in Venezuela. At the end of January, the U.S. government lifted restrictions on some activities related to Venezuelan oil transactions.