What PJ said above. We do this all the time. We sanctioned Iran and then told European countries that we would sanction them if their companies did not stop doing business.
Venezuela is an unstable narco-state in our hemisphere. Chevron gambled and lost just like others. All they are doing down there now is pumping money to a bunch of people indicted by the US for narcotics trafficking.
Close up shop and tell the opposition party that you will come back when stability is returned to the nation and hope China does not swoop in to buy it all up at pennies on the dollar.
Thanks.
My one quibble is this:
Chevron was there for almost 100 years, long before Chavez/Maduro destroyed the country. They didn't "gamble" on Venezuela, their business was corrupted just like everything else in the country.
I posted this back in November 2018:
Chevron has been in Venezuela for close to 100 years, long before the socialist takeover of Hugo Chavez.Could it be that Chevron is expecting to be there for the people once the current regime does collapse? Where else will the people of Venezuela turn to when the time comes to begin rebuilding their nation? Chevron will have been there as the caretaker of their most valuable resource, waiting for their return to normalcy.
Is it possible that Chevron thought they could ride it out in order to maintain the equipment in running order for when normalcy finally returned to Venezuela?
-PJ