Guacamaya, March 12, 2025. Fedecámaras has issued a call for the governments of the United States and Venezuela to resume talks, following the cancellation of the “Chevron License.”
In a press release on Tuesday, the leading Venezuelan business association explained that the end of the license “could severely impact the economy” and “sensitive and vulnerable areas such as health and education,” as a high percentage of the foreign currency entering Venezuela originates from the oil industry.
Fedecámaras added that it is necessary to “responsibly evaluate the effects of this measure and seek solutions that prevent further distortions in the economic apparatus.”
The statement also expressed “concern about the implications that such a measure will have for the country, especially for areas whose economies largely depend on this industrial sector.”
In January 2024, in a survey by the same association, 81% of Venezuelan private companies responded that they were negatively affected by economic and financial sanctions.
Ecoanalítica estimates that by 2024, 85% of the foreign currency entering Venezuela came from the oil industry. 40% of the foreign currency settled in the exchange market arrived through Chevron and other companies with licenses.
General License 41, issued by the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury, allowed the oil giant Chevron to resume and expand its operations in Venezuela since 2022. OFAC also authorized other companies through “specific licenses” that are also at risk.
The Federation of Chambers and Associations of Commerce and Production of Venezuela is considered the main business institution in Venezuela, representing the private sector before the International Organization of Employers (IOE) and the International Labour Organization (ILO).
