The U.S. has revoked the licenses of oil companies operating in Venezuela.

As wrote Rubio on social media platform X, he ordered, at the president's direction, the cancellation of all licenses that he described as "shamefully" funding the "illegitimate Maduro regime."

This decision means that starting from March 1, the U.S. will cease purchasing oil extracted from Venezuela.

Trump, on the Truth social media platform, cited "failure to comply with election-related conditions" as the reason for the U.S. government's actions. He also accused the authorities in Caracas of not fully adhering to agreements with the U.S. regarding the acceptance of Venezuelan citizens deported from the United States.

As noted by Reuters, this decision primarily affects the Chevron corporation. It was to Chevron that the Joe Biden administration issued a license to operate in Venezuela in November 2022, which was an exception to the existing sanctions regime. After a hiatus, the U.S. resumed purchasing Venezuelan oil amid sanctions imposed on Russia's oil sector due to its invasion of Ukraine.

Venezuelan Vice President Delcy Rodriguez labeled the Trump administration's decision as "sanctions against the American company Chevron," emphasizing that such decisions lead to increased migration from Venezuela, an issue that the Trump administration is trying to combat.

During Donald Trump's first term, the U.S. imposed extensive sanctions on Venezuela, declaring President Nicolás Maduro's legitimacy questionable after the opposition contested the official election results in the country. The U.S. and several other nations then recognized opposition leader Juan Guaidó as the legitimate president of Venezuela. The Biden administration adjusted this policy, although in April of last year, following another round of allegedly rigged elections, it reinstated most of the sanctions.

Shortly after Trump took office for his second term, reports emerged of agreements between Washington and Caracas for Venezuela to accept deported illegal migrants from the U.S. However, the recent statements from Rubio and Trump indicate that the U.S. has returned to a hardline stance against Maduro. The Venezuelan opposition welcomed this, with its leader María Corina Machado stating that Trump is "on the side of the Venezuelan people."