The confirmation from Eni follows a Reuters report on Saturday stating that the U.S. government had begun informing foreign partners of PDVSA—including Eni—of the imminent cancellation of their authorizations to export Venezuelan oil and byproducts. This marks a significant escalation in U.S. efforts to curtail Venezuela’s access to global oil markets and restrict its ability to generate revenue from crude sales.
Eni’s Response: Seeking Alternatives Amid U.S. Restrictions
In response to the U.S. decision, Eni released a statement affirming its commitment to complying with international sanctions while actively engaging with U.S. authorities to explore alternative solutions.
“Eni continues its transparent engagement with U.S. authorities on the matter to identify options for ensuring that non-sanctioned gas supplies, essential to the population, can be remunerated by PDVSA,” the company stated.
The Italian multinational emphasized that it has always operated “in full compliance with the international sanctions framework,” reinforcing its adherence to legal and regulatory requirements while navigating the geopolitical complexities of doing business in Venezuela.
Impact of U.S. Sanctions on Venezuela’s Oil Sector
The latest crackdown on PDVSA’s foreign partners is expected to further strain Venezuela’s already fragile economy. Oil exports remain the country’s primary source of revenue, and any disruption to its ability to sell crude on international markets significantly impacts its financial stability.
Maduro has strongly condemned the renewed sanctions, denouncing them as an “economic war” waged by the U.S. to destabilize Venezuela. His administration has repeatedly accused Washington of using economic measures as a tool of political coercion, particularly in the aftermath of his contested 2024 reelection.
The Bigger Picture: A Shift in U.S. Policy
The revocation of licenses for foreign firms like Eni aligns with the Trump administration’s broader policy shift toward Venezuela. It follows a series of measures, including the cancellation of Chevron’s license to operate in the country and the imposition of secondary sanctions on buyers of Venezuelan oil.
With these restrictions in place, PDVSA may be forced to explore alternative payment mechanisms, potentially deepening its reliance on non-Western partners such as China, Russia, and Iran. Additionally, Venezuela could turn to intermediary traders and shadow networks to circumvent sanctions, as it has done in the past.
For now, the situation remains fluid, with companies like Eni navigating a complex landscape of U.S. sanctions while seeking ways to sustain their operations in Venezuela without violating international regulations.