U.S. weighs more sanctions on Venezuela to halt fuel deals -Bloomberg - Inside Financial Markets

U.S. weighs more sanctions on Venezuela to halt fuel deals -Bloomberg

The administration of U.S. President Donald Trump is weighing additional sanctions on Venezuela aimed at halting the remaining fuel transactions permitted with the Latin American country, Bloomberg reported late on Tuesday.

The step could target crude swaps with companies in Europe and Asia, the report added, citing people familiar with the matter.

The sanctions have not been finalized and talks are ongoing, according to Bloomberg.

The U.S. Treasury Department did not immediately respond to a Reuters request for comment outside regular working hours.

The United States has debated the move for months, and initially prioritized actions against Iran, which started exporting gasoline to Venezuela, Bloomberg reported.

The United States has imposed sanctions on both countries to choke oil exports and deprive them of their main source of revenue in its bid to see the ouster of Venezuelan President Nicolas Maduro and change the behavior of Iran’s government. (Full Story)

It has also threatened to sanction any ship owners and vessels involved in oil trade with Tehran and Caracas.

The United States said on Friday it had confiscated four Iranian fuel shipments that had been bound for Venezuela, disrupting a key supply line for both Tehran and Caracas as they defied U.S. sanctions.

Syed Zaki Hussain

Add comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

The Canadian Securities Institute

CANADIAN SECURITIES COURSE - Inside Financial Markets

CSI is part of Moody's Analytics Learning Solutions, which offers educational programs and credentials throughout the world.

Email Newsletter

Subscribe to receive inspiration, news, and ideas in your inbox.