US sanctions stand in the way of Venezuela’s oil export to France and India
WASHINGTON: US sanctions imposed on Venezuela and Maduro’s administration since 2019 continue to haunt the countries oil exports. Venezuela’s state-run oil company PDVSA has reached an agreement with producers ONGC from India and Maurel & Prom from France in terms of shipping oil to both countries which will enable the country to pay debts and stabilize the economy, yet the deal will not go ahead unless the US approves.
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Venezuela and allies across the world have consistently called on the US to uplift “illegal sanctions” on both Venezuela and Cuba, yet the United States remains consistent with its sanctions program.
According to State Department spokesperson, the US “does not preview sanctions,” and the US government has rather elected to not further comment on actions that it is willing to take relating to the matter.
Venezuela’s state-run oil company has suffered a blow and accumulated a lot of debt since 2020 after the then Donald Trump administration enforced existing sanctions by barring swaps of Venezuelan oil for fuel. This came after a failed overthrow of Maduro’s government by the Donald Trump administration in Venezuela.
However, sources close to the matter the United States wants to be even-handed in how it responds to all of the requests, meaning that the matter will be considered by the Biden administration.
According to Reuters, “PDVSA in recent months assigned a 2 million-barrel cargo of heavy crude to ONGC and 1 million barrels to Maurel & Prom, the two firms that have progressed the most in negotiations with the state company to pay debts and late dividends, the people said.”
Late last year, Italy’s ENI also submitted an authorization request to the Biden administration, following an earlier request by Spain’s Repsol which also sought approval, yet the Us government remains silent on all the approval, directly enforcing sanctions.
The logic that both ONGC and Maurel & Prom, including others having economic or business interests with Venezuelan, will provide in efforts to convince the Biden administration is that cargoes going 100 percent to debt settlements would not provide cash to PDVSA or Venezuelan President Nicolas Maduro.
The aim of the US sanctions on Venezuela is to cut Venezuelan oil sales since 2019 in an effort to overthrow Maduro, as the US claims that his 2018 re-election was illegitimate. Maduro remains the President of Venezuela with the support of PDVSA, the Venezuelan military, Russia, China, Cuba, and Iran.
Election observers from across the world stated that the elections in 2018 were free and fair and that Maduro is the legitimate leader of Venezuela.
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