Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
New players emerge in Venezuela's oil industry amid U.S. sanctions
By Joshua Goodman The Associated Press
Posted July 13, 2020 11:53 am
Updated July 13, 2020 11:54 am
As U.S. sanctions scare away the world’s largest shippers from Venezuela’s oil industry, new players are willing to brave the heightened risks and help keep socialist leader Nicolas Maduro afloat, according to a new report.
In the first year since the Trump administration imposed crushing economic sanctions on Venezuela’s oil industry, port calls to Venezuela plunged by 46 per cent, according to C4ADS and IBI Consultants, two Washington-based think tanks focused on national security issues that authored the report.
. . .
As the Trump administration has sought to deprive Maduro of easy cash from Venezuela’s vast oil reserves, it has sanctioned more than 50 vessels. It’s also issued new guidelines urging the maritime industry to beef up its vigilance for sanctions-busting activity on the high seas.
Some ship captains and their employers have responded by turning off their transponders and “going dark” for weeks to hide tankers brimming with crude. The ships then frequently unload their hidden cargo on the high seas in risky ship-to-ship transfers, making it harder for authorities to track their ultimate destination.
More:
https://globalnews.ca/news/7169993/new-players-venezula-oil-sanctions/
