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The United States Department of the Treasury has issued a new round of sanctions aimed at isolating Venezuela\u2019s oil industry, as part of President Donald Trump\u2019s pressure campaign against the South American country.<\/p>\n
The sanctions announced on Wednesday target four companies and their associated oil tankers, which are allegedly involved in transporting Venezuelan oil.<\/p>\n list of 3 items<\/span>end of list<\/span><\/section>\n Trump has claimed that Venezuelan leader Nicolas Maduro leads a so-called \u201cnarco-terrorist\u201d government that seeks to destabilise the US, a charge repeated in the latest sanctions announcements.<\/p>\n \u201cMaduro\u2019s regime increasingly depends on a shadow fleet of worldwide vessels to facilitate sanctionable activity, including sanctions evasion, and to generate revenue for its destabilizing operations,\u201d the Treasury said on Wednesday.<\/p>\n Petroleum is Venezuela\u2019s primary export, but the Trump administration has sought to cut the country off from its international markets.<\/p>\n Wednesday\u2019s notice accuses four tankers \u2013 the Nord Star, the Rosalind, the Valiant and the Della \u2013 of helping Venezuela\u2019s oil sector to circumvent existing sanctions, thereby providing\u00a0the \u201cfinancial resources that fuel Maduro\u2019s illegitimate narco-terrorist regime\u201d.<\/p>\n \u201cPresident Trump has been clear: We will not allow the illegitimate Maduro regime to profit from exporting oil while it floods the United States with deadly drugs,\u201d said Treasury Secretary Scott Bessent.<\/p>\n \u201cThe Treasury Department will continue to implement President Trump\u2019s campaign of pressure on Maduro\u2019s regime.\u201d<\/p>\n \u00a0<\/p>\n The sanctions come a day after Washington imposed sanctions on a separate Venezuelan company it says assembled drones designed by Iran.<\/p>\n In recent months, the Trump administration has cited several motives for ratcheting up pressure against Venezuela, ranging from immigration to Maduro\u2019s contested election in 2024.<\/p>\n Trump, for instance, has framed the pressure campaign as a means of stemming the trade of illegal drugs, despite Venezuela exporting virtually none of the administration\u2019s main target, fentanyl.<\/p>\n Critics have also accused Washington of seeking to topple Maduro\u2019s government to take control of the country\u2019s vast oil reserves.<\/p>\n Trump officials have fuelled those suspicions with remarks seeming to assert ownership over Venezuela\u2019s oil.<\/p>\nRecommended Stories <\/h2>\n
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