![US to reimpose oil sanctions on Venezuela over election concerns](https://turan.az/resized/news/2024/vWOIQNOZDuw0RliGRSsDxhibvg5iyOqQY9KaUbaK-750-500-resize.webp)
US to reimpose oil sanctions on Venezuela over election concerns
Venezuela oil sector hit by loss of its widest US license
Reuters: Venezuela's loss of a key U.S. license that allowed it to export oil to markets around the world and secure investment is expected to hit the volume and quality of its crude and fuel sales while prompting a flurry of requests for individual U.S deal authorizations.
U.S. officials had warned that absent progress by President Nicolas Maduro's administration on implementing an electoral roadmap agreed last year, the U.S. would not renew license 44, which since October has eased oil sanctions in place for the last five years.
On Wednesday, the Treasury gave companies 45 days to wind down pending transactions, particularly crude and fuel sales, through a more restrictive license.
It also said it would process specific authorization requests for business with Venezuela, a commitment Venezuelan officials said they expect the U.S. to honor. Many companies have waited for years to have energy deals involving Venezuela approved by Washington.
But the Treasury also explained that "entering into new business, including new investment that was previously authorized under license 44, will not be considered wind-down activity," casting doubts on what type of transactions will be allowed.
Authorizations previously granted to oil firms including Chevron, Repsol and Eni were not withdrawn, which secures Venezuela's oil flows to the United States and Europe.
-
- Social
- 18 April 2024 13:18
In World
-
Saboteurs attacked France's TGV high-speed train network in coordinated actions that caused chaos on the country's busiest rail lines ahead of the Paris Olympics opening ceremony on Friday.
-
Kamala Harris signaled a major shift on US Gaza policy Thursday, with the presidential hopeful telling Israeli Prime Minister Benjamin Netanyahu to seal a peace deal and insisting she would not be "silent" on the suffering in the Palestinian enclave.
-
The solar system's tiniest planet may be hiding a big secret. Using data from NASA's MESSENGER spacecraft, scientists have determined that a 10-mile-thick diamond mantle may lie beneath the crust of Mercury, the closest planet to the sun.
-
A marine tanker carrying industrial fuel sank in rough seas off the Philippines on Thursday, causing the death of a crew member and an oil spill that could spread to waters off the capital Manila, officials said.
Leave a review