The U.S. government will terminate a key permit allowing Chevron to pump and export Venezuelan oil, as announced by President Trump. This decision is rooted in allegations that Venezuela's President Maduro failed to uphold democratic standards after last year's controversial presidential elections. The license, initially granted to foster democracy, provided significant financial support to Maduro's regime, enabling approximately $4 billion to flow into the country. Critics highlight that the elections conducted were not free or fair, prompting calls for the permit's rescission.
Trump's announcement signifies the end of financial support for Venezuela through Chevron, underscoring the U.S. government's stance on democratic reforms in the country.
The administration of President Joe Biden authorized the license in 2022, anticipating democratic progress, but the subsequent elections did not meet fairness criteria.
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