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The U.S. Department of the Treasury on Wednesday sanctioned four companies operating in Venezuela’s oil sector and identified four oil tankers as blocked property, saying the move targets oil traders involved in alleged sanctions-evasion that helps finance Nicolás Maduro’s regime.
Treasury said the vessels, some described as part of a “shadow fleet” serving Venezuela, “continue to provide financial resources that fuel Maduro’s illegitimate narco-terrorist regime” in Tuesday’s press release.
“President Trump has been clear: We will not allow the illegitimate Maduro regime to profit from exporting oil while it floods the United States with deadly drugs,” Treasury Secretary Scott Bessent said. “The Treasury Department will continue to implement President Trump’s campaign of pressure on Maduro’s regime,” he added.
Treasury said the sanctions block property and interests in property of the designated entities within U.S. jurisdiction and generally prohibits Americans from transactions involving them.
VENEZUELA ACCUSES US OF ‘PIRACY’ AFTER SEIZING MASSIVE OIL TANKER
The action follows U.S. measures against Venezuela’s state-run oil company Petroleos de Venezuela, S.A. (PDVSA).
OFAC designated PDVSA in January 2019 under Executive Order 13850, and President Trump later took additional steps to block PDVSA in August 2019 under Executive Order 13884, Treasury said.
Treasury said Wednesday’s move also complements actions announced Dec. 11 and Dec. 19 targeting PDVSA-linked officials, associates and vessels.
SECOND TANKER SEIZED NEAR VENEZUELA AS US ENFORCES OIL BLOCKADE
OFAC designated Corniola Limited and Krape Myrtle Co LTD and identified the tanker NORD STAR as blocked property. OFAC also designated Winky International Limited and identified ROSALIND, also known as LUNAR TIDE, as blocked property. OFAC designated Aries Global Investment LTD and identified the tankers DELLA and VALIANT as blocked property, Treasury said.
Treasury said blocked property within U.S. jurisdiction must be reported to OFAC, and warned that violations of U.S. sanctions may result in civil or criminal penalties.
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Treasury said the goal of sanctions is to bring about a positive change in behavior, noting there is a formal process for seeking removal from an OFAC list consistent with U.S. law.
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