The US Treasury Department has asked Chevron (CVX) to wind down operations in Venezuela within a month, while issuing a new license that immediately prohibits it from paying taxes and royalties to Nicolas Maduro's regime.

The department's Office of Foreign Assets Control gave the US oil giant until April 3 to wind down joint ventures or other associated operations in the country.

Chevron is barred from paying taxes or royalties to the Venezuelan government and dividend payments to Petroleos de Venezuela, the state-owned oil company known as PDVSA. It is also prohibited to pay dividends to any entity in which PDVSA owns, directly or indirectly, a 50% or greater interest.

On its website, Chevron refers to itself as one of the leading private oil companies in Venezuela. It works with five onshore and offshore production projects in partnership with PDVSA, the website shows. Chevron additionally has four non-operated joint-venture operations in partnership with PDVSA and three heavy or extra-heavy crude oil projects.

The company did not respond to a request for comment from MT Newswires.