The U.S. Treasury Department has decided not to renew PDVSA's general license due to the lack of substantial electoral reforms in Venezuela, setting a deadline of May 31, 2024, for customers and suppliers to finish their transactions.

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The U.S. Treasury Department has decided not to renew PDVSA's general license due to the lack of substantial electoral reforms in Venezuela, setting a deadline of May 31, 2024, for customers and suppliers to finish their transactions.

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Venezuela's state-run oil company PDVSA is accelerating its use of digital currency, specifically USDT (Tether), for crude and fuel exports. This strategy, enacted in reaction to the reapplication of U.S. oil sanctions, aims to prevent the freezing of revenue in foreign bank accounts.

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The U.S. Treasury Department last week gave PDVSA's customers and providers until May 31 to wind down transactions under a general license it did not renew due to a lack of electoral reforms. The move will make it more difficult for the country to increase oil output and exports as companies will have to wait for individual U.S. authorizations to do business with Venezuela.

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Exclusive: Venezuela to accelerate cryptocurrency shift as oil sanctions return

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Venezuela's state-run oil company PDVSA is accelerating its use of digital currency, specifically USDT (Tether), for crude and fuel exports. This strategy, enacted in reaction to the reapplication of U.S. oil sanctions, aims to prevent the freezing of revenue in foreign bank accounts.

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