Reportedly, the Biden administration allowed Chevron Corp. to make substantial payments to the Venezuelan government despite an existing license prohibiting such transactions. Initially granted by the Treasury Department’s Office of Foreign Assets Control, this waiver permitted Chevron to conduct limited operations in Venezuela. The arrangement was later terminated by the Trump administration, mandating Chevron to cease its activities in Venezuela.

Chevron's compliance with all laws and regulations, including U.S. sanctions, was emphasized in their official statement. A special supplement to the license apparently enabled Chevron to make essential payments related to its business operations in Venezuela, despite the original prohibition on paying taxes, royalties, or dividends to the Venezuelan government.

Last year, documents revealed that Chevron had accumulated around $300 million in taxes owed to Venezuela, leading to criticism from some U.S. officials. While other American oil companies withdrew from Venezuela following nationalizations under Maduro's predecessor, Chevron continued its operations there. Sanctions imposed during the Trump administration were lifted in 2022 under Biden's administration, allowing Chevron to resume operations in Venezuela in exchange for promoting democratic elections in the country.