[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 4993 Introduced in Senate (IS)]

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118th CONGRESS
  2d Session
                                S. 4993

 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.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 9, 2024

  Mr. Durbin introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Halt All United States Investments 
in Venezuela's Energy Sector Act of 2024''.

SEC. 2. FINDINGS.

    Congress makes the following findings:
            (1) 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.
            (2) 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.

    (a) Prohibition.--
            (1) In general.--Beginning on the date of the enactment of 
        this Act, the following transactions are prohibited:
                    (A) 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--
                            (i) Petroleos de Venezuela, S.A., or 
                        subsidiaries, representatives, or related 
                        companies of Petroleos de Venezuela, S.A.; or
                            (ii) the regime of Nicolas Maduro or any 
                        nondemocratic successor government in 
                        Venezuela.
                    (B) 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).
            (2) Applicability.--The prohibitions under paragraph (1) 
        shall apply--
                    (A) to the extent provided by law and regulations, 
                orders, directives, or licenses that may be issued 
                pursuant to this section; and
                    (B) notwithstanding any contract entered into or 
                any license or permit granted before the date of the 
                enactment of this Act.
    (b) Implementation; Penalties.--
            (1) Implementation.--
                    (A) 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.
                    (B) 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.
            (2) 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.
    (c) 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.
    (d) Termination of Prohibition.--The prohibitions under subsection 
(a) shall terminate 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.
    (e) United States Person Defined.--In this section, the term 
``United States person'' means--
            (1) a United States citizen or alien lawfully admitted for 
        permanent residence to the United States;
            (2) 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
            (3) any person physically located in the United States.
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