Jones Act and U.S. Maritime Policy

The U.S. Treasury issued a broad license easing sanctions so PDVSA can sell Venezuelan oil directly to U.S. companies and on global markets, aiming to spur investment in Venezuela’s oil sector and boost supply amid the Iran war. The license limits eligibility to companies that existed before Jan. 29, 2025, requires payments to be routed into a U.S.-controlled account rather than to sanctioned entities, and continues to bar deals involving Russia, Iran, North Korea, Cuba, certain Chinese entities and transactions in Venezuelan debt or bonds.