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The US on Wednesday announced sanctions against four companies operating in Venezuela’s oil sector, declaring four associated oil tankers as blocked property.
In the statement released by the Treasury Department’s Office of Foreign Assets Control (OFAC), the US government alleges that some of these vessels are part of the shadow fleet serving Venezuelan President Nicolás Maduro’s government. The sanctions indicate an escalation in the ongoing crackdown on Maduro by the Trump administration, which has repeatedly leveled accusations of narco-trafficking and sanctions evasion against the South American president.
“These vessels, some of which are part of the shadow fleet serving Venezuela, continue to provide financial resources that fuel Maduro’s illegitimate narco-terrorist regime,” the statement read.
“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”, Secretary of the Treasury Scott Bessent continued. “The Treasury Department will continue to implement President Trump’s campaign of pressure on Maduro’s regime.”
Wednesday’s sanctions by OFAC have targeted vessels called Nord Star, Lunar Tide, Rosalind, and Della, as well as their registered ownership companies: four firms operating in Venezuela’s oil sector for their alleged involvement in drug-smuggling across the Caribbean Sea and eastern Pacific Ocean. As a result of these sanctions, any US-linked property of the designated parties will be blocked, and US entities/individuals will be generally prohibited from dealing with them without prior OFAC authorization.
Of note with these sanctions is the ‘spillover’ rule: if a company is 50 percent owned (directly or indirectly) by one or more blocked persons/entities, that company will be treated as blocked, even if it is not directly named. Violations of these terms can trigger civil or criminal penalties, with the Treasury Department warning that “those involved in the Venezuelan oil trade continue to face significant (sanctions) risk” and enforcement actions.
Members of the international community, including institutions such as the UN, have denounced these blockades as “violating fundamental rules of international law”.
“There is no right to enforce unilateral sanctions through an armed blockade”, UN experts have said, citing Article 2(4) of the UN Charter. “The illegal use of force, and threats to use further force at sea and on land, gravely endanger the human right to life and other rights in Venezuela and the region”. The Trump administration, however, maintains that its blockade is ‘narrowly tailored’ and does not target civilians, and therefore does not amount to an illegal act of war.
Venezuela has unequivocally rejected the accusations behind the sanctions, calling them “illegal” and asserting that the US is using economic pressure to damage its oil industry and strong-arm political change. Petroleum is Venezuela’s primary export; in imposing these sanctions, the Trump administration has sought to alienate the country from its international markets.
As Venezuela rejects the designations and sanctions as illegal, and international critics question the legality of maritime enforcement, the sanctions are expected to deepen the chill on Venezuela’s oil exports by making companies and insurers too wary to touch the trade, tightening economic pressure while sharpening the risk of a broader regional escalation at sea.
The news comes in the wake of US President Donald Trump’s announcement of a ‘blockade’ of all sanctioned oil tankers coming in and out of Venezuela, after the US accused President Maduro and members of his cabinet of forming part of an alleged ‘foreign terrorist organization’ known as Cartel de los Soles. Despite a glaring lack of evidence proving the existence of this cartel, hostilities persisted; the US Navy conducted numerous strikes on vessels suspected of trafficking drugs into the US, resulting in the deaths of over 100 individuals. Since early September, the UN has recorded at least 30 attacks on civilian vessels. Last month, the US seized an oil tanker off the coast of Venezuela and subsequently deployed a large naval force in the Caribbean near Venezuela.
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In the statement released by the Treasury Department’s Office of Foreign Assets Control (OFAC), the US government alleges that some of these vessels are part of the shadow fleet serving Venezuelan President Nicolás Maduro’s government. The sanctions indicate an escalation in the ongoing crackdown on Maduro by the Trump administration, which has repeatedly leveled accusations of narco-trafficking and sanctions evasion against the South American president.
“These vessels, some of which are part of the shadow fleet serving Venezuela, continue to provide financial resources that fuel Maduro’s illegitimate narco-terrorist regime,” the statement read.
“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”, Secretary of the Treasury Scott Bessent continued. “The Treasury Department will continue to implement President Trump’s campaign of pressure on Maduro’s regime.”
Wednesday’s sanctions by OFAC have targeted vessels called Nord Star, Lunar Tide, Rosalind, and Della, as well as their registered ownership companies: four firms operating in Venezuela’s oil sector for their alleged involvement in drug-smuggling across the Caribbean Sea and eastern Pacific Ocean. As a result of these sanctions, any US-linked property of the designated parties will be blocked, and US entities/individuals will be generally prohibited from dealing with them without prior OFAC authorization.
Of note with these sanctions is the ‘spillover’ rule: if a company is 50 percent owned (directly or indirectly) by one or more blocked persons/entities, that company will be treated as blocked, even if it is not directly named. Violations of these terms can trigger civil or criminal penalties, with the Treasury Department warning that “those involved in the Venezuelan oil trade continue to face significant (sanctions) risk” and enforcement actions.
Members of the international community, including institutions such as the UN, have denounced these blockades as “violating fundamental rules of international law”.
“There is no right to enforce unilateral sanctions through an armed blockade”, UN experts have said, citing Article 2(4) of the UN Charter. “The illegal use of force, and threats to use further force at sea and on land, gravely endanger the human right to life and other rights in Venezuela and the region”. The Trump administration, however, maintains that its blockade is ‘narrowly tailored’ and does not target civilians, and therefore does not amount to an illegal act of war.
Venezuela has unequivocally rejected the accusations behind the sanctions, calling them “illegal” and asserting that the US is using economic pressure to damage its oil industry and strong-arm political change. Petroleum is Venezuela’s primary export; in imposing these sanctions, the Trump administration has sought to alienate the country from its international markets.
As Venezuela rejects the designations and sanctions as illegal, and international critics question the legality of maritime enforcement, the sanctions are expected to deepen the chill on Venezuela’s oil exports by making companies and insurers too wary to touch the trade, tightening economic pressure while sharpening the risk of a broader regional escalation at sea.
The news comes in the wake of US President Donald Trump’s announcement of a ‘blockade’ of all sanctioned oil tankers coming in and out of Venezuela, after the US accused President Maduro and members of his cabinet of forming part of an alleged ‘foreign terrorist organization’ known as Cartel de los Soles. Despite a glaring lack of evidence proving the existence of this cartel, hostilities persisted; the US Navy conducted numerous strikes on vessels suspected of trafficking drugs into the US, resulting in the deaths of over 100 individuals. Since early September, the UN has recorded at least 30 attacks on civilian vessels. Last month, the US seized an oil tanker off the coast of Venezuela and subsequently deployed a large naval force in the Caribbean near Venezuela.
The post US announces additional sanctions on 4 Venezuela oil companies amid Maduro crackdown appeared first on JURIST - News.
Continue reading...
Note: We don't have any responsibilities about this news. Its been posted here by Feed Reader and we had no controls and checking on it. And because News posted here will be deleted automatically after 21 days, threads are closed so that no one spend time to post and discuss here. You can always check the source and discuss in their site.