S. 4993 – Halt All United States Investments in Venezuela’s Energy Sector Act of 2024

AI-Generated Summary

Updated January 20, 2026 at 6:40 PM UTC

The bill bans U.S. persons from investing, trading, or operating in Venezuela’s energy sector until the July 28, 2024 election results are respected. It targets investments in PDVSA and related entities and applies to U.S. citizens, permanent residents, U.S.-organized entities, and anyone physically in the United States. The prohibition remains until the President certifies that the Maduro regime has accepted the election outcome and transferred power to the elected government.

Key Provisions

Prohibits any transaction by a U.S. person or an entity owned or controlled by one to invest, trade, or provide goods, services, or finance to Venezuela’s energy sector, including PDVSA and its affiliates
Extends the ban to any attempts to evade it and applies regardless of prior contracts or licenses
Authorizes the Treasury Secretary, in consultation with the State Department, to issue regulations and use IEEPA authority; violations are punishable under IEEPA penalties
Requires all U.S. government agencies to take appropriate measures to enforce the prohibition
Ends the prohibition when the President submits to Congress a determination that the Maduro regime has recognized the election results and relinquished power
Defines “U.S. person” as a U.S. citizen, lawful permanent resident, any entity organized under U.S. law (including foreign branches), or any person physically located in the United States

Legislative Activity

Stay on top of the latest movement without scrolling through every action

1 earlier action

SenateIntro Referral Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S5893)

Banking, Housing, and Urban Affairs Committee

September 9, 2024

View full timeline

SenateIntro Referral

Introduced in Senate

September 9, 2024

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S5893)

Banking, Housing, and Urban Affairs Committee

September 9, 2024

Floor Debate

1 member

What members said about S. 4993 on the floor

1 Democrat

Sen. Richard J. DurbinD-IL · Sep 9, 2024

Madam President, I ask unanimous consent that the text of the bill be printed in the Record. Their being no objection, the text of the bill was ordered to be

Sen. Richard J. DurbinD-IL · Sep 9, 2024

Madam President, I ask unanimous consent that the text of the bill be printed in the Record. Their being no objection, the text of the bill was ordered to be

Bill Text

Latest available legislative text

Reading Mode

Raw Text PDF XML

Introduced in SenateIssued September 9, 2024

II

118th CONGRESS

2d Session

S. 4993

IN THE SENATE OF THE UNITED STATES

September 9, 2024

Mr. Durbin introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To immediately halt investment by United States persons in the energy sector of Venezuela until the legitimate results of the July 28, 2024, election are respected.

1.

Short title

This Act may be cited as the Halt All United States Investments in Venezuela’s Energy Sector Act of 2024.

2.

Findings

Congress makes the following findings:

(1)

On July 28, 2024, more than 10,000,000 citizens of Venezuela voted in a presidential election in which meticulously documented and publicized data from credible election monitors clearly and convincingly showed that opposition candidate Edmundo Gonzalez received more than two-thirds of the votes against the regime of Nicolas Maduro.

(2)

The Maduro regime has refused to respect the overwhelming choice of the people of Venezuela and subsequently arrested and abused thousands of innocent citizens of Venezuela, including children, for peaceful political participation.

3.

Prohibition on investment by United States persons in energy sector of Venezuela until the legitimate results of the July 28, 2024, election are respected

(a)

Prohibition

(1)

In general

Beginning on the date of the enactment of this Act, the following transactions are prohibited:

(A)

Any transaction by a United States person, or an entity owned or controlled by a United States person, to invest, trade, or operate within the energy sector of Venezuela, including the provision of goods, services, or finance to—

(i)

Petroleos de Venezuela, S.A., or subsidiaries, representatives, or related companies of Petroleos de Venezuela, S.A.; or

(ii)

the regime of Nicolas Maduro or any nondemocratic successor government in Venezuela.

(B)

Any transaction that evades or avoids, has the purpose of evading or avoiding, causes a violation of, or attempts to violate the prohibition under subparagraph (A).

(2)

Applicability

The prohibitions under paragraph (1) shall apply—

(A)

to the extent provided by law and regulations, orders, directives, or licenses that may be issued pursuant to this section; and

(B)

notwithstanding any contract entered into or any license or permit granted before the date of the enactment of this Act.

(b)

Implementation; penalties

(1)

Implementation

(A)

In general

The Secretary of the Treasury, in consultation with the Secretary of State, may take such actions, including prescribing regulations, as are necessary to implement this section.

(B)

IEEPA authorities

The Secretary of the Treasury may exercise the authorities provided to the President under sections 203 and 205 of the International Emergency Economic Powers Act (50 U.S.C. 1702 and 1704) to the extent necessary to carry out this section.

(2)

Penalties

A person that violates, attempts to violate, conspires to violate, or causes a violation of subsection (a) or any regulation, license, directive, or order issued to carry out that subsection shall be subject to the penalties set forth in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act (50 U.S.C. 1705) to the same extent as a person that commits an unlawful act described in subsection (a) of that section.

(c)

Responsibility of other agencies

All agencies of the United States Government shall take all appropriate measures within their authority to carry out the provisions of this section.

(d)

Termination of prohibition

The prohibitions under subsection (a) shall terminate on the date on which the President submits to Congress a determination that the regime of Nicolas Maduro has recognized the July 28, 2024, electoral victory of Edmundo Gonzalez and relinquished power to the legitimately democratically elected government in Venezuela.

(e)

United states person defined

In this section, the term United States person means—

(1)

a United States citizen or alien lawfully admitted for permanent residence to the United States;

(2)

any entity organized under the laws of the United States or any jurisdiction within the United States (including a foreign branch of any such entity); and

(3)

any person physically located in the United States.