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US Imposes New Venezuela-Related Sanctions on Oil Company

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TNK Trading International was acquired by the Russian state oil company Rosneft back in 2017.

The US Treasury has once again expanded its list related to Washington's sanctions against Venezuela by adding TNK Trading International S.A. According to the official statement, the sanctions are in response to the company's alleged operations in Venezuela's oil sector in violation of embargo measures imposed by the White House on the country's economy. 

In the official statement, the Treasury stressed that TNK Trading International is a subsidiary of the Russian state oil giant Rosneft.

"TNK Trading International S.A. is another Rosneft subsidiary brokering the sale and transport of Venezuelan crude oil, which is subject to sanctions", US Treasury Secretary Steven Mnuchin said, adding that the Trump administration remains committed to targeting companies supporting Venezuela’s oil industry.

Previously, the US introduced sanctions against Rosneft Trading, another subsidiary of the Russian state oil company. The Treasury claims that both Rosneft Trading and TNK Trading International handled a "large percentage" of Venezuela’s crude exports in 2019.

The official statement also said that sanctions could be lifted from both companies if they cease to work with Venezuela’s oil sector by 20 May 2020.

The White House started introducing harsh economic sanctions against the Venezuelan economy, which is in the throes of an ongoing crisis, back in 2018 in an effort to oust democratically elected President Nicolas Maduro. Additionally, the US supported self-proclaimed interim President Juan Guaido, who also sought to unseat Maduro, thereby exacerbating the political crisis afflicting the country alongside the economic one.