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US blacklists Russian oil company in Venezuela


Komal FatimaWeb Editor

19th Feb, 2020. 12:22 pm
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Venezuela is likely to face financial pressure as the US sought to blacklist a subsidiary of Russia’s state-controlled Rosneft oil giant.

Venezuela is likely to face financial pressure as the US sought to blacklist a subsidiary of Russia’s state-controlled Rosneft oil giant.

According to the international news agency, the step freezes any US-held assets of the Switzerland-based Rosneft Trading SA and its chairman, Didier Casimiro.

The company is accused of supporting President Nicolás Maduro to avoid US sanctions on the oil industry of Venezuela.

President Maduro was accused by the US of leading a corrupt and brutal system. He has repeatedly denied his charge.

Oil is the most important source of Venezuela’s export earnings. However, oil production in the region has declined in recent years, resulting in an economic crisis.

The US is backing opposition leader Juan Guaidó, who had declared himself as interim president last year.

Earlier before that, Venezuela’s state-run airline Conviasa was imposed sanctions by the US. The US said that the firm was being involved to “shuttle corrupt officials around the world”.

But Russia has vowed to develop economy and military crisis with the government in Venezuela’s capital Caracas.

US Treasury has announced sanctions on Tuesday.

Trade Secretary Steven Mnuchin stated, “Rosneft Trading SA and its president brokered the sale and transport of Venezuelan crude oil,”

“The United States is determined to prevent the looting of Venezuela’s oil assets by the corrupt Maduro regime,”

The statement said that the US sanctions “need not be permanent and are intended to change behavior”. “The United States has made it clear that we will consider lifting sanctions for those who take concrete, meaningful, and verifiable actions to support democratic order in Venezuela,”

Rosneft and Rosneft Trading SA were already the subjects of US restrictions related to Russia’s involvement in the dispute in Ukraine that happened n 2014.

Foreign ministry had condemned this act.

The ministry stated, “Russia categorically does not accept unilateral restrictive measures by which the US, striving for global hegemony, is trying to subjugate the whole world to its will,”

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