The Strategist

Bloomberg: US may impose new sanctions against Venezuela

08/19/2020 - 10:51

The administration of US President Donald Trump is considering the possibility of introducing additional sanctions against Venezuela to end the remaining oil trade operations with that country, Bloomberg reported, citing a source.

According to the agency, the sanctions may affect deals with companies in Europe and Asia. US officials have been discussing the move for several months, but initially they prioritized action against Iran. Discussions on restrictions against Venezuela are ongoing.

Earlier, Washington imposed sanctions on the captains of Iranian ships that sent fuel to Venezuela. Also, the US Treasury in June included companies and individuals who helped Caracas to trade in oil in the sanctions lists, bypassing restrictive measures. The list included the Mexican company Libre Abordo, three Mexican citizens and seven companies from Singapore and Greece.

Oil production in Venezuela fell to a 75-year low. Buyers are ditching Venezuelan raw materials due to the risk of US sanctions.