WASHINGTON, Feb 18 (KUNA) -- The US Treasury Department issued a new general license allowing certain companies to conduct oil and gas transactions in Venezuela under specific conditions imposed by the United States.
A Treasury statement late Wednesday, said any contracts signed with the Venezuelan government or the national oil company must be governed by US law, with all disputes required to be settled within the United States.
Washington also stipulated that all financial payments related to the licensed activities be deposited into accounts designated by the US Treasury Department, ensuring direct oversight of financial flows.
The license prohibits transactions involving parties linked to Russia, Iran, North Korea, Cuba, or China, and bans dealings with sanctioned vessels or the unfreezing of blocked assets.
It further obliges any entity benefiting from the license to submit detailed reports to the US government within 10 days of the first transaction, and every 90 days thereafter while operations continue.
The US administration has begun easing sanctions on Venezuela in recent weeks as part of efforts by President Donald Trump to encourage energy companies to invest in the country.
The US State Department said the administration continues implementing its vision to reopen and develop Venezuela's oil industry in a way that benefits both American and Venezuelan peoples. (end) asj.ahm