The REVOCAR Act of 2025 would immediately prohibit United States persons from investing in, trading with, or operating in Venezuela’s energy sector, including Petroleos de Venezuela, S.A. (PDVSA) and entities connected to the Maduro regime, until the legitimate results of Venezuela’s July 28, 2024 election are recognized. The bill authorizes the Department of the Treasury, with the Department of State, to implement the prohibition using International Emergency Economic Powers Act (IEEPA) authorities, and to impose penalties for violations. It also provides a case-by-case waiver mechanism for up to 90 days (renewable for 90 days) with reporting requirements detailing why the waiver is vital, what transactions would be allowed, and assessments of its impact on democratic transition, regime finances, and human rights. The prohibition would terminate either when the President determines that the Maduro regime has recognized the election and relinquished power to a democratically elected government, or on December 31, 2027, whichever comes first. The bill’s findings frame the 2024 election as publicly monitored and credible, asserting that a large opposition victory occurred but the regime did not honor it and instead suppressed dissent. The measure sets a broad scope for “United States persons” and emphasizes enforcement across all related entities and activities, with potential impact on U.S. individuals and firms with ties to Venezuela’s energy sector or the Maduro regime.
Key Points
- 1Prohibition on energy-sector activity: Beginning on enactment, U.S. persons (including entities owned or controlled by U.S. persons) may not invest in, trade with, or operate in Venezuela’s energy sector, including PDVSA and related entities, or engage in activities that facilitate circumvention of the prohibition.
- 2Scope and applicability: The ban covers investments, services, financing, and any actions that evade the prohibition, and applies notwithstanding pre-existing contracts, licenses, or permits, to the extent allowed by law and regulations.
- 3Enforcement and penalties: Treasury (in coordination with State) can implement the restrictions and use IEEPA authorities to enforce them. Violations carry penalties paralleling those in IEEPA section 206, with liability for individuals and entities that violate, attempt to violate, conspire to violate, or aid the violation.
- 4Termination: The prohibitions end at the earlier of (a) a President-determined recognition of the 2024 election by the Maduro regime and relinquishment of power to a democratically elected government, or (b) December 31, 2027.
- 5Waiver authority and reporting: The President may grant case-by-case waivers up to 90 days (and renew for an additional 90 days) for national security reasons, after notifying Congress. Waiver reports must provide a detailed rationale, specify which transactions would be allowed, describe efforts to restrict financial flows to the regime, and assess effects on democratic transition, regime finances, and human rights.
- 6Definition of United States person: Includes U.S. citizens or LPRs, any entity organized under U.S. law or within U.S. jurisdiction (including foreign branches), and any person physically located in the United States.