US Eases Blockade to Allow Sale of Venezuelan Oil to the Private Sector in Cuba
The US Department of the Treasury announced today that it will issue licenses to allow transactions with Venezuelan oil and its derivatives to Cuba without being sanctioned by Washington.
TL;DR
- The US will issue licenses to permit transactions of Venezuelan oil and derivatives to Cuba without sanctions.
- These transactions are intended to support the Cuban people and are for commercial and humanitarian use, excluding the Cuban government.
- Companies must adhere to restrictions, including depositing sales revenue in a Washington-controlled account.
- Non-US companies can apply for these exceptions.
- This move relaxes sanctions previously imposed by the Trump administration.
- Global commodity trading firms Vitol and Trafigura have already obtained licenses to resell Venezuelan crude.