The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has taken significant measures against companies involved in the Venezuelan oil sector. This action includes the sanctioning of four firms and the designation of four oil tankers as blocked property associated with these entities. The crackdown aims to combat the financial resources used to support President Nicolás Maduro’s controversial regime.
Treasury Sanctions on Venezuela’s Oil Sector
In a recent announcement, the Treasury indicated that the Maduro regime increasingly relies on a shadow fleet of vessels. These ships are crucial for facilitating sanctions evasion and securing revenue for destabilizing activities.
Key Entities Sanctioned
- Corniola Limited:
- Operates the oil tanker NORD STAR (IMO: 9323596)
- Krape Myrtle Co LTD:
- Manages the NORD STAR tanker.
- Winky International Limited:
- Associated with the oil tanker ROSALIND (also known as LUNAR TIDE, IMO: 9277735).
- Aries Global Investment LTD:
- Connected to tankers DELLA (IMO: 9227479) and VALIANT (IMO: 9409247).
These sanctions are part of ongoing actions against the Maduro administration. Similar measures were previously enacted on December 11 and December 19 against individuals and entities tied to the government.
Implications of the Sanctions
Following these sanctions, all property and interests of the designated entities within the U.S. jurisdiction are blocked. U.S. persons must report any such property to OFAC. Transactions involving these blocked entities are generally prohibited unless authorized by OFAC.
Consequences for Violating Sanctions
Violations of these sanctions can lead to severe civil or criminal penalties for both U.S. and foreign individuals. Furthermore, financial institutions and businesses could face risks for participating in transactions involving these sanctioned entities.
The Treasury’s efforts aim to diminish the economic support for Maduro’s regime, structured around an ongoing campaign to enforce U.S. sanctions. The ultimate goal is not punishment, but a shift toward positive behavioral changes in Venezuela.
For more details about the designated entities and blocked vessels, further information can be found on the OFAC website.
