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US Department of the Treasury has allowed companies to buy Venezuelan oil

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US Department of the Treasury has allowed companies to buy Venezuelan oil
February 04
09:00 2019

The US Treasury has softened a little bit the conditions of the sanctions against PDVSA (Venezuela), allowing the companies from America to buy its energy. The permission is not indefinite and will be valid until the end of April.

The States imposed sanctions against PDVSA in order to “protect citizens from the asset seizure by President Maduro”. The Ministry of Finance stressed that it would lift the restrictions if the leadership transferred the authority to Juan Guaydo or another government that would be chosen in a democratic way.

American companies can buy oil for another 2.5 months, but payments will be sent to US escrow accounts. Also, the Ministry of Finance will give the permission for making deals.

Sanctions will block about $ 7 billion of PDVSA assets. At the same time, the company will lose exports to the value of $ 11 billion a year.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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