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US sanctions companies in Cyprus and Panama for transporting oil from …

by Ace Damon
US sanctions companies in Cyprus and Panama for transporting oil from ...

Today´s Deals

The US Treasury Department today imposed new sanctions against four companies, one from Cyprus and three from Panama, for participating in the transportation of oil from Venezuela to Cuba with several oil tankers.

“The US continues to take striking action against the former illegitimate (Venezuelan President Nicolás) regime Maduro and the evil foreign actors who support him. Maduro's Cuban benefactors offer the regime a life jacket and facilitate its crackdown on security and information, ”US Treasury Secretary Steve Mnuchin said in a statement.

The Treasury Department has pointed to several companies it accuses of evading sanctions imposed by Washington on Venezuelan oil company PDVSA in January this year, and Cubametales, a state-owned oil import and export company.

The US has designated Cyprus-based Caroil Transport Marine Ltd., which is responsible for operating three shipments of oil and petrochemicals from Venezuela to Cuba, and three Panama-based shipping companies: Trocana World Inc .; Tovase Development Corp and Bluelane Overseas.

As a result, assets that these companies may have under US jurisdiction are blocked and financial transactions with these companies have been prohibited.

Since his arrival at the White House in January 2017, US President Donald Trump has increased pressure on Caracas and has imposed economic sanctions on more than 100 Venezuelan officials and senior officials close to Maduro.

Cuba and Venezuela are close political and economic allies, since in 2000 the South American country became the island's main oil supplier through a deal that gives preferential prices in exchange for medical and educational services.

However, the crisis in Venezuela led to a decline in bilateral trade and a significant reduction in subsidized oil shipments that supply Cuba, which had to find alternative suppliers such as Russia and Algeria.

Last Thursday, Cuban authorities encouraged the use of “animal traction” with horses, oxen and others in transport and agriculture due to fuel shortages due to the partial interruption of Venezuelan fuel shipments.

. (tagsToTranslate) venezuela oils

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