U.S. Imposes Sanctions on Shipping Companies with Ties to Venezuela

April 12: The US announced sanctions on Friday on four shipping companies and nine vessels involved in shipping oil from Venezuela.

The companies were named as Liberia-based Jennifer Navigation, Lima Shipping Corp and Large Range, which each own one tanker, and Italy-based PB Tankers, which owns six vessels.

The move follows last week’s sanctions by the US Treasury on 34 vessels owned or operated by Venezuela’s PDVSA state-run oil company and two companies and a vessel delivering oil to Cuba.

The oil sector continued “to provide a lifeline to the illegitimate regime” of Venezuelan President Nicolas Maduro, the US Treasury stated.

The sanctions prevent US citizens having dealings with any of the companies and block their financial interests in the US.

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

“Venezuela’s oil belongs to the Venezuelan people, and should not be used as a bargaining tool to prop up dictators and prolong oppression,” Mnuchin said.

Source: Reuters, EFE via Deutsche Welle