Section 1 Short title
This Act may be cited as the “Revoke Exemptions for Venezuelan Oil to Curb Autocratic Repression Act of 2024” or the “REVOCAR Act”.
Revoke Exemptions for Venezuelan Oil to Curb Autocratic Repression Act of 2024
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.
Sec. 2 Findings
Congress makes the following findings:
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.
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.
Sec. 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
Prohibition—
In general— Beginning on the date of the enactment of this Act, the following transactions are prohibited:
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—
Petroleos de Venezuela, S.A., or subsidiaries, representatives, or related companies of Petroleos de Venezuela, S.A.; or
the regime of Nicolas Maduro or any nondemocratic successor government in Venezuela.
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).
Applicability— The prohibitions under paragraph (1) shall apply—
to the extent provided by law and regulations, orders, directives, or licenses that may be issued pursuant to this section; and
notwithstanding any contract entered into or any license or permit granted before the date of the enactment of this Act.
Implementation; penalties—
Implementation—
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.
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.
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.
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.
Termination of prohibition— The prohibitions under subsection (a) shall terminate on the earlier of—
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; or
December 31, 2027.
Waiver authority—
In general— The President may waive, on a case-by-case basis and for a period of not more than 90 days, the prohibitions under subsection (a) not less than 30 days after the President determines and reports to the appropriate congressional committees that it is vital to the national security interests of the United States to waive such sanctions.
Renewal of waivers— The President may, on a case-by-case basis, renew a waiver under paragraph (1) for an additional period of not more than 90 days if, not later than 15 days before that waiver expires, the President makes the determination and submits to the appropriate congressional committees a report described in paragraph (1).
Content of waiver reports— Each report submitted under this subsection in connection with a waiver of the prohibitions under subsection (a), or the renewal of such a waiver, shall include—
a specific and detailed rationale for the determination that the waiver is vital to the national security interests of the United States;
a description of the transaction or type of transaction prohibited by this Act that will be permitted, including a list of prohibited foreign entities that are determined to be involved in the transaction or type of transaction;
an explanation of any efforts made by the United States to restrict financial flows to the regime of Nicolas Maduro in order to constrain his ability to repress the Venezuelan people; and
an assessment of the impact of waiving the prohibitions under subsection (a) on—
the probability of achieving a democratic transition in Venezuela as described in subsection (d)(1);
the financial resources available to the regime of Nicolas Maduro or any nondemocratic successor government in Venezuela; and
the ability of the regime of Nicolas Maduro or any nondemocratic successor government in Venezuela to violate human rights, engage in repression, or threaten the interests of the United States.
Appropriate congressional committees defined— In this subsection, the term appropriate congressional committees means—
the Committee on Foreign Affairs of the House of Representatives;
the Committee on Foreign Relations of the Senate;
the Committee on Appropriations of the House of Representatives; and
the Committee on Appropriations of the Senate.
United states person defined— In this section, the term United States person means—
a United States citizen or alien lawfully admitted for permanent residence to the United States;
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
any person physically located in the United States.