Venezuela Defies U.S. Sanctions, Vows to Maintain Oil and Gas Cooperation

Venezuelan authorities have announced their determination to continue collaboration with foreign oil and gas companies despite the imposition of new sanctions by the United States. Caracas has firmly rejected these American restrictions, deeming them an illegal interference in its sovereign affairs. According to local sources, the Venezuelan government is prepared to disregard the revocation of licenses issued to transnational corporations by the U.S. and is urging its partners to honor previously established contracts. This assertion comes in response to the latest efforts by the Donald Trump administration to intensify economic pressure on the country.

Recently, Washington informed companies such as Chevron and Italy’s Eni of a ban on operations involving Venezuelan entities. Starting April 2, 2025, additional measures will take effect, including a 25 percent tariff on the purchase of Venezuelan oil and gas by third countries that also engage with the American market. The White House claims these actions aim to isolate Caracas and weaken the financial foundation of Nicolás Maduro’s regime. However, Venezuelan officials argue that foreign partners do not require U.S. approval to conduct business within the country. Vice President Delcy Rodríguez asserted that all contracts will be executed in strict accordance with national law, stating that extraterritorial sanctions lack legal standing in Venezuela.

Caracas’s position reflects a longstanding confrontation with Washington that has intensified since Trump resumed the presidency in January 2025. Despite facing years of sanctions and a domestic crisis, Venezuela, which holds the world’s largest oil reserves, remains a significant player in the global energy market. Authorities emphasize their commitment to safeguarding economic interests and maintaining partnerships with nations such as China, India, and Turkey, which continue to purchase Venezuelan oil in defiance of U.S. restrictions.

The conflict surrounding Venezuela’s oil sector is escalating amid recent developments. In March 2025, the Trump administration revoked the licenses of several companies operating in the country, prompting Chevron to halt production at certain fields. According to Reuters, this decision led to a 15 percent reduction in Venezuelan oil exports during the first quarter of the year; however, Caracas swiftly redirected its supplies to Asia. Notably, India increased its imports by 20%, becoming a crucial buyer and enabling Venezuela to sustain revenues at $12 billion annually despite U.S. pressure.

Experts suggest that the new tariffs could complicate matters for countries reliant on Venezuelan energy, but are unlikely to completely halt trade. China, Venezuela’s largest creditor, has already expressed its intent to continue cooperation, labeling the U.S. sanctions as “economic blackmail.” Meanwhile, Turkey has expanded its oil purchases through intermediaries, utilizing shadow schemes and barter payments to facilitate these transactions.