Assessing the latest developments in (and about) Venezuela

This Friday, the Trump administration substantially relaxed, even further, the sanctions on the Venezuelan oil market, now generally allowing "all transactions prohibited by the Venezuela Sanctions Regulations ... that are related to the negotiation of and entry into contingent contracts for new investment in oil or gas sector operations in Venezuela", although companies must seek specific authorization from OFAC. Five were blessed from the very start: the London-based BP and Shell, the Madrid-based Repsol S.A., the Rome-based Eni S.p.A., and the Houston-based Chevron. These authorized businesses may now "engage in new oil or gas exploration, development, or production activities in Venezuela, expand existing operations in Venezuela, and form new joint ventures or other entities" there.

The general licenses issued in this new phase require that every contract must specify that "the laws of the United States or any jurisdiction within the United States govern [it] and that any dispute resolution under [it] occur in the United States." Furthermore, "any monetary payment to a blocked person, excluding payments for local taxes, permits, or fees, is made into the Foreign Government Deposit Funds, as specified in Executive Order 14373 of January 9, 2026, or any other account as instructed by the U.S. Department of the Treasury."

The guardianship that Washington is exercising in this regard, which also implies the prohibition of commercial relations with countries like Cuba, seems scandalous to me. In this sense, there is an old debate—which I think is very misguided—that tries to introduce a dilemma in which a country must choose between advancing human rights—including here economic and democratic development—and sovereignty. Rather, both factors feed into each other; both are critical. Living in a sort of protectorate, or (neo)colonized country, is not a circumstance that nourishes human rights in a country where people enforce their national identity.

Meanwhile, American Airlines requested official authorization to fly to Venezuela again after seven years, following the lifting last month of the suspension that Trump himself had decreed during his first administration. Additionally, Foggy Bottom sent more than six tons of basic medical supplies to Venezuela as part of the plan conceived in Washington for the oil-rich country, which is aimed at "economic recovery and political reconciliation."

The Southern Command´s diary 👇