OFAC Sanctions Companies for Operating in Venezuelan Oil Sector
The Treasury's Office of Foreign Assets Control sanctioned two oil companies operating in the Venezuelan oil sector and identified 34 ships associated with Petróleos de Venezuela (PdVSA), according to an April 5 press release. OFAC identified the two shipping companies as Liberia-based Ballito Bay Shipping Incorporated and Greece-based ProPer In Management Incorporated, and said one or both transported oil from Venezuela to Cuba during February and March using an oil tanker called Despina Andrianna. OFAC also named the 34 ships that are “blocked property” of PdVSA, a Venezuela state-run oil company sanctioned by the U.S.
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In the notice, OFAC said Cuba is a “major importer of crude oil” from Venezuela, and the Despina Andrianna was an example of the Nicolas Maduro regime sending aid to Cuba “as Venezuelans suffer” from the country’s humanitarian crisis. “Cuba has been an underlying force fueling Venezuela’s descent into crisis,” Treasury Secretary Steven Mnuchin said in a statement. “Treasury is taking action against vessels and entities transporting oil, providing a lifeline to keep the illegitimate Maduro regime afloat.”