The REVOCAR Act would immediately ban United States persons and companies from investing in Venezuela's energy sector, including dealings with the state oil company Petroleos de Venezuela, until the Maduro regime recognizes the results of the July 28, 2024 presidential election that opposition monitors say Edmundo Gonzalez won by a wide margin. The bill applies to all transactions involving goods, services, finance, or investment in Venezuela's energy sector and covers anyone subject to U.S. jurisdiction, including U.S. citizens, permanent residents, American companies, and foreign branches of U.S. companies. The Treasury Secretary, in consultation with the State Department, would enforce the ban through regulations and can impose significant civil and criminal penalties on violators. The sanctions would automatically expire either when the President certifies that Maduro has recognized Gonzalez's election victory and handed over power, or on December 31, 2027, whichever comes first, though the President could grant temporary waivers if determined necessary for national security after notifying Congress. The bill responds to what Congress characterizes as the Maduro regime's rejection of election results and its arrest and abuse of thousands of Venezuelan citizens for peaceful political participation.
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