File Photo: Zacarias Pereira da Mata / Shutterstock
By Saleha Mohsin (Bloomberg) — The Trump administration is preparing sanctions on as many as 50 oil and fuel tankers as part of an effort to cut off trade between Iran and Venezuela, according to a person familiar with the matter.
The sanctions would be imposed through the Treasury Department and are intended to avoid a U.S. military confrontation with the countries, the person said on the condition of anonymity.
The Trump administration is trying to deter Iran’s support for Venezuelan President Nicolas Maduro, who last month defended the right to “freely trade” with Iran. Both countries are under crippling U.S. sanctions.
Targeting the tankers would mark an escalation of efforts by the U.S. to disrupt trade and money flowing between the two countries as they forge an increasingly close relationship.
The U.S. is also weighing sanctions on a company run by Columbian businessman Alex Saab Moran, who has links to the Maduro regime, the person said. The Wall Street Journal reported the expanded program earlier Tuesday.
A Treasury department spokeswoman declined to comment.
Venezuela, home to the world’s largest oil reserves, is nearly out of gasoline following years of mismanagement and U.S. sanctions on its oil. Over the past few months, authorities have imposed rationing at gas stations nationwide, handing control over to military personnel.
Related: Venezuela’s Maduro Defends Right to ‘Freely Trade’ With Iran
Socialist leader Maduro recently thanked Iranian President Hassan Rouhani and Supreme Leader Ayatollah Khamenei for the deliveries, saying Venezuela has “good and brave friends” in the world. He defended the deal as part of a previous cooperation agreement.
Iran’s foreign ministry has said any attempt by the U.S. to stop the trade will be met with “a swift and decisive response.”
CAIRO, March 2 (Reuters) – The Houthi Transport Ministry in Yemen said on Saturday there had been a “glitch” in undersea communication cables in the Red Sea as a result of actions...
by Captain John Konrad (gCaptain) In the current American labor landscape, the stark contrast between the assertive strides of transportation unions and the maritime sector’s unique labor challenges is striking....
By Mikhail Flores MANILA, Dec 2 (Reuters) – Evacuations were under way in the Philippines after a quake of at least magnitude 7.5 struck the southern region of Mindanao on Saturday night,...
December 2, 2023
Total Views: 2161
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.