France's M&P, Spain's Repsol say Venezuela oil licences revoked by US

[Eugene]

Source: Reuters

France's M&P, Spain's Repsol say Venezuela oil licences revoked by US

Reuters
Mon, March 31, 2025 at 2:26 AM EDT 2 min read

(Reuters) -French oil group Maurel et Prom said on Monday that the United States had revoked its licence to operate in Venezuela, sending its shares plunging 15% in early trade.

Reuters reported on Saturday citing sources that the Trump administration had notified foreign partners of Venezuelan state oil firm PDVSA of the imminent cancellation of authorisations that allowed them to export Venezuelan oil and byproducts.

Spanish oil company Repsol was also notified that its licence had been revoked, it said on Monday, prompting Foreign Minister Jose Manuel Albares to say that his government would defend the interests of the firm.

Italy's Eni confirmed on Sunday that it was also notified by U.S. authorities that it would no longer be allowed to receive oil from PDVSA as payment for gas it produces in Venezuela.

-snip-

Read more: https://finance.yahoo.com/news/us-revokes-french-oil-group-062617637.html

[surfered]

1. WTF? How does the US revoke their licenses to operate on Venezuela?

And aren’t France, Spain, and Italy NATO partners?

[Eugene]

3. Explained later in the article, Venezuelan oil is under U.S. sanctions and is contraband without a waiver granted.

Unlicensed refiners are subject to getting locked out the banking system by U.S. Treasury.

[surfered]

6. Thanks

[sinkingfeeling]

2. When did Venezuela become a part of the US?

[Eugene]

5. The licenses were exemptions to U.S. Treasury foreign asset sanctions on Venezuela.

The refiners could face U.S. Treasury sanctions themselves for trading in contraband.

[Nictuku]

4. I wonder how this will effect Russia

... seems like most things he is doing these days helps Russia. Will Russia fill the void of Venezuela's void somehow?