Our Circular of 8 December 2023 highlighted that the US had issued a six-month General License No.44 (“GL 44”) Authorizing Transactions Relating to Oil or Gas Sector Operations in Venezuela (available here). Unless renewed, GL44 is due to expire on April 18 2024.The U.S. government has now announced that absent progress between Maduro and his representatives and the opposition Unitary Platform, particularly on allowing all presidential candidates to compete in this year’s election, the United States will not renew GL 44 when it expires on April 18, 2024. In a press statement on January 30, the US Department of State commented that:“Actions by Nicolas Maduro and his representatives in Venezuela, including the arrest of members of the democratic opposition and the barring of candidates from competing in this year’s presidential election, are inconsistent with the agreements signed in Barbados last October by representatives of Nicolas Maduro and the Unitary Platform”.Further, GL43 which authorized transactions involving Minerven (the Venezuelan state-owned gold mining company) has now been revoked.