On June 24, a Joint House Committee hearing on Venezuela’s Sanctionable Activities made a concerted effort to shed light on President Hugo Chavez’s dangerous ties to Iran. Representative Connie Mack (R–FL) and others expressed a deep-seated concern that the sanctionsrecently placed on the government-controlled oil company, Petroleos de Venezuela (PDVSA), were insufficient.
In May 2010, the Obama Administration placed sanctions on PDVSA for providing at least two shipments of petroleum additives to Iran, a country that is currently sanctioned for its nuclear weapons program and, according to the State Department, is the “most active state sponsor of terrorism.” The sanctions prohibit PDVSA from competing for U.S. procurement contracts, securing financing from the Import-Export Bank of the U.S., or obtaining a U.S. export license.
