15 February 2019
This move was designed to halt US imports of Venezuelan crude in an attempt to oust President Maduro.
The Trump administration stopped short of placing an outright ban; instead, refiners will be able to continue to receive Venezuela’s crude until the 28th April, as long as payments are placed into a blocked account, Poten & Partners explained in an industry note.
Sanctions have already caused chaos and confusion. Reuters reported last week that over a dozen tankers involved in oil trade with Venezuela were anchored in the US Gulf, as shippers sought clarity and payment instructions.
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