Venezuela has been subject to U.S. sanctions since 2006. Sanctions have remained through both Republican and Democratic administrations and have increased in severity since first imposed. In 2022, the Biden administration's Department of the Treasury issued a general license allowing Chevron Corp. to operate and manage its joint ventures (JV) with Venezuelan national oil company PdVSA. These steps have led to speculation about further lessening, or even removal, of Venezuelan sanctions. A look at the history of Venezuelan sanctions, the scope of current sanctions and the Biden administration's announcements related to the sanctions indicate full sanction removal is unlikely.
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