Biden Administration Permits Chevron to Pay Venezuela Millions

The Biden administration has reportedly allowed Chevron to pay hundreds of millions of dollars to the Venezuelan government, despite a prior license prohibiting such payments. This decision stems from a supplement to a sanctions waiver issued in November 2022, which enabled Chevron to remain compliant with U.S. law while paying taxes and oil royalties to President Nicolás Maduro's regime. The move has significant implications, as it coincided with a shift in market sentiment, leading to increased trading volumes and prices for cryptocurrencies like Bitcoin and Ethereum. Following the announcement, Bitcoin rose by 2.4% and Ethereum by 1.8%, reflecting market perceptions of economic instability. Critics, including former President Trump, have condemned the decision, arguing that it undermines U.S. sanctions and allows Maduro to maintain power amidst allegations of electoral fraud. The administration's choice to permit these payments, while reimposing some sanctions, raises questions about its strategy towards Venezuela and its governance.