Latest Market News

US sanctions six tankers for Venezuela trade

  • : Crude oil, Freight
  • 21/01/19

The US Treasury Department has designated six tankers for violating US sanctions on Venezuela's oil sector.

The tankers include Cameroon-flagged Panamax crude oil tanker Balita, Suezmax tankers Freedomand shuttle tanker Domani. The Balita is currently in transit, scheduled to arrive in Malaysia on Jan 24, according to Vortexa.

The Liberian-flagged Aframax Baliar was also among the targeted tankers. All of the vessels are managed and operated by Fides Ship Management, located in Odessa, Ukraine, according to the US Treasury.

The US also designated Russian-flagged tankers, the very large crude carrier Maksim Gorky and AframaxSierra. Maksim Gorkyis owned by Instituto Nacional de los Espacios Acuaticos e Insulares (INEA), located in Venezuela and Sierra is owned by Rustanker, located in Krasnodarskiy Kray, Russia, according to the US.

The ships were designated and "blocked" for operating in the oil sector of the Venezuelan economy, according to the US Treasury.

"The United States remains committed to targeting those enabling the Maduro regime's abuse of Venezuela's natural resources," said Treasury secretary Steven Mnuchin said.

The outgoing US administration has been targeting the shipping sector to enact its "maximum pressure" policy to oust Venezuelan president Nicolas Maduro from power.

Along with the vessels the Department of the Treasury's Office of Foreign Assets Control (OFAC) designated three individuals and fourteen companies as part of the Venezuelan sanction evasion network.


Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more