Investing.com -- The Biden administration reportedly allowed Chevron Corp. (NYSE: CVX ) to disburse hundreds of millions of dollars to the Venezuelan government. This occurred despite a license explicitly prohibiting such payments, according to Bloomberg, citing sources familiar with the situation.

A supplement to a sanctions waiver, issued in November 2022, enabled Chevron to stay within US law boundaries while paying taxes and oil royalties to President Nicolás Maduro’s regime. The sources, who wished to remain anonymous, provided this information.

The Treasury Department’s Office of Foreign Assets Control initially granted Chevron permission to conduct limited operations in Venezuela under this waiver.

However, this arrangement was terminated by the administration of President Donald Trump. Consequently, the Texas-based oil giant is now required to wind down its Venezuelan operations.

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