Synopsis

The US has imposed sanctions on four companies and associated oil tankers operating in Venezuela's oil sector, intensifying pressure on President Nicolas Maduro. This action, part of a broader campaign including a blockade of sanctioned vessels, aims to curb Venezuela's oil exports and prevent the regime from profiting.

Agencies

Earlier this month, Trump announced a blockade of all sanctioned vessels going in ‌or out of Venezuelan waters as part of a strategy to pressure Maduro

The United States on Wednesday imposed sanctions on ⁠four companies it said were operating in Venezuela's oil sector as well as associated oil tankers, as President Donald Trump's administration increases pressure on Venezuelan President Nicolas Maduro.

The sanctions mark the latest action in Trump's pressure campaign against Maduro, which has included a ramped-up U.S. military presence in the region ‌and more than ‌two dozen strikes on vessels allegedly involved in trafficking drugs in the Pacific Ocean and Caribbean Sea.

Earlier this month, Trump announced a blockade of all sanctioned vessels going in ‌or out of Venezuelan waters as part of a strategy to pressure Maduro, a move that has helped knock down Venezuela's oil exports this month to about half of their November levels.

The U.S. Treasury Department said in a statement it imposed sanctions on oil traders engaged in sanctions evasion for Maduro's government. Among the targets were four tankers, some of which the Treasury accused of being part of the so-called "shadow fleet".

The "shadow fleet" refers to ships that carry oil that is under sanctions. They are typically old, their ownership opaque and they sail without top-tier insurance cover to ‌meet international standards for oil ‍majors and many ports.

"Today's action further signals that those involved in the Venezuelan oil trade ‍continue to face significant sanctions risks," the Treasury said in the statement.

The Venezuelan ‌communications ministry, which handles all press queries for the government, did not immediately respond to a request for comment.

Panama-flagged Nord Star, Guinea-flagged Lunar Tide and Hong Kong-flagged Della - all hit with sanctions on Wednesday - have transported Venezuelan crude or fuel this year to destinations in Asia and the Caribbean, according to internal documents from Venezuela's state energy company PDVSA and ship tracking information.

Hong Kong-flagged supertanker Valiant, which is also owned by one of the sanctioned companies, Aries Global Investment LTD, has not carried Venezuelan crude, according to PDVSA's records.