Venezuela’s Socialist party-controlled National Assembly on Thursday ratified an “anti-blockade” law, as President Nicolas Maduro seeks to attract private investment to boost the OPEC nation’s struggling economy despite U.S. sanctions.
The law, which applies to the country’s key oil sector, allows companies to sign deals confidentially to avoid being sanctioned themselves.
“This constitutional law aims to establish a special framework that provides new tools to the Venezuelan public sector,” said Socialist party lawmaker Ramon Lobo.
The law had been approved previously by the National Constituent Assembly, a separate legislative body that was dissolved after allies of Maduro won control of the National Assembly.
Jorge Rodriguez, a Maduro ally and speaker of the National Assembly, told Reuters in an interview last month that the Congress would ratify the law.