The U.S. tightens sanctions against Petróleos de Venezuela

sanctions against PDVSA

The U.S. Department of Treasury has tightened sanctions against PDVSA. The executive department warned that diluent imports brought by international ships could be subject to more punitive actions from Washington.

This shift constitutes the most recent U.S. measure to limit Venezuela’s access to oil revenues.

More sanctions against the oil company

The Department of Treasury informed that the Office of Foreign Assets Control (OFAC) is amending General License 7A, executive order number 13850 “authorizing certain activities involving PDV Holding and Citgo Holding”. However, it offered no details regarding the parts of the license that will be modified.

The OFAC will also amend General License 8, “authorizing transactions involving PDVSA prohibited under executive order 13850 for certain entities operating in Venezuela”. As well as General License 13, “authorizing certain activities involving Nynas AB.”

Security Advisor announces new measures

Meanwhile, U.S. Security Advisor John Bolton said that the United States will continue to tighten sanctions against the Venezuelan oil industry “until democracy is restored.”

The Trump Administration has approved a number of sanctions against PDVSA, as well as other punitive actions against Venezuelan leaders over human rights violations, drug traffic, and corruption. In recent months, however, it has focused on the oil industry, the country’s main source of income.

Cuba on target

On June 4, John Bolton accused the Cuban regime of being behind the crisis in Venezuela. The official insisted that President Donald Trump “stands with Cuban and Venezuelan citizens fighting for freedom.”

Bolton informed that the Trump Administration advanced in the implementation of policies aimed at “ending veiled tourism to Cuba and imposing restrictions on vessels. We will continue to take actions to restrict the Cuban regime’s access to U.S. dollars.”

That same day, U.S. Treasury Secretary Steven Mnuchin announced that his country has made amendments to the Cuban Assets Control Regulations “Cuba continues to play a destabilizing role in the Western Hemisphere…”

According to Mnuchin, Havana continues to provide “a communist foothold in the region and propping up U.S. adversaries in places like Venezuela and Nicaragua by fomenting instability, undermining the rule of law, and suppressing democratic processes.”

These sanctions ban U.S. citizens from making cultural contact and educational travel Cuba, also known as people to people. Under Trump’s restrictions cruises, private yachts, and small fishing vessels are not allowed to stop in Cuba.

With these new sanctions, Cuba is now more vulnerable. Tourism is the most dynamic sector in its economy, practically the only one that brings revenue, and it has been weakened.

Sanctions against PDVSA are part of a strategy

The sanctions that the U.S. government imposed against PDVSA, as well as other measures aimed at the Nicola Maduro regime and the governments of Cuba and Nicaragua are not isolated events. They are part Donald Trump’s global strategy to eliminate left-wing regimes in the West.

On March 26, after a meeting with Brazil’s defense minister Fernando Azevedo Bolton stated that Nicolas Maduro’s days as President of Venezuela “are numbered.”

For more information, check Energía16

See also: Washington to decide on Repsol’s activity in Venezuela

Load More Related Articles
Load More By Energía 16
Load More In Latin America

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

The United States looking to take the lead on both sides of the oil market

Over the past decade, the United States has doubled its oil production to 12.3 million bar…