US impose oil sanctions on Cuba in effort to stop Venezuela support

/ Policy & Regulations / Tuesday, 16 April 2019 12:54

The US Treasury has imposed sanctions on four maritime shipping companies delivering Venezuelan oil to Cuba as part of a concerted campaign to pressure Havana in to ending its support for the socialist regime in Venezuela.

Venezuela has been plunged into a humanitarian crisis with President Nicolas Maduro refusing to stepdown amidst the result of the recent presidential election. He is claiming the election was fixed and is desperately clinging to power.

He has so far remained in power largely thanks to the support of socialist ally Cuba who has lent their military and intelligence services to Venezuela. However, growing international pressure particularly from the US has made the situation increasingly untenable.

The US has said that new sanctions will intensify the pressure on the ‘illegitimate regime of former President Nicolas Maduro’.

“We continue to target companies that transport Venezuelan oil to Cuba, as they are profiting while the Maduro regime pillages natural resources," US Treasury Secretary Steven Mnuchin said in the statement.

“Venezuela's oil belongs to the Venezuelan people and should not be used as a bargaining tool to prop up dictators and prolong oppression."

Venezuela is suffering an economic collapse and humanitarian crisis which include shortages of basic food and medicine and the exodus of millions of people seeking asylum elsewhere.

The US sanctions targeted three Liberian shipping corporations and one based in Italy. Of the nine tankers penalized, four had delivered Venezuelan crude to Cuba. The sanctions freeze US-based assets of the company and also block them from much of the global financial system.

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