Prohibiting Oil Trade with Venezuela's Tyrant Act This bill requires the President to prohibit the importation of petroleum products from Venezuela. Petroleum product means crude oil, residual fuel oil, or any refined petroleum product, including natural gas liquid product. Further, the bill authorizes the President to use appropriate authorities to impose civil or criminal penalties as necessary to enforce the prohibition. The prohibition shall terminate after the Department of State certifies that Venezuela has held free and fair elections and all political prisoners have been released.