A Window of Opportunity

October 20, 2023

Sanctions relief will change trade flows

On Wednesday, 18 October, the U.S. Treasury Department announced that it would ease sanctions against companies that trade in Venezuelan oil or invest in the country.  Sanctions on exports of crude oil, refined petroleum products as well as gold will be lifted for six months.  In exchange, Venezuelan president Maduro will allow independent candidates to run in the presidential election next year.  International media and election experts will be allowed to monitor the elections.  If Mr. Maduro reneges on his promise, the sanctions will snap back.  While few people expect a major increase in Venezuela’s production and exports in such a short time frame, the implications for shipping could be more meaningful.

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