WASHINGTON - The United States on Tuesday ramped up pressure on Venezuela by blacklisting a subsidiary of Russian state oil major Rosneft that President Donald Trump’s administration said provides a financial lifeline to President Nicolas Maduro’s government.
The move further complicates already-fraught U.S.-Russian relations. Russia condemned the sanctions, saying they amounted to unfair competition and would not deter Moscow from continuing to work with Venezuela. Russia’s Foreign Ministry said the move would further damage relations with Washington and undermine global free trade.
“I think this is a very significant step, and I think you will see companies all over the world in the oil sector now move away from dealing with Rosneft Trading,” Elliott Abrams, the U.S. special representative for Venezuela, told reporters. The United States in January 2019 recognized Venezuelan opposition leader Juan Guaido as the OPEC nation’s legitimate interim president and has ratcheted up sanctions and diplomatic pressure in the aftermath of Maduro’s 2018 re-election that was widely described as fraudulent.
Rosneft shares fell 2.7%, underperforming oil prices and the broader Russian index. The sanctions announcement came soon before the close of the Russian market. Moscow has acted as a lender of last resort for Venezuela, with the government and Rosneft providing at least $17 billion in loans and credit lines since 2006, and has also provided diplomatic support.Through units including Rosneft Trading and TNK Trading it took more than a third of Venezuela’s oil exports last year, according to PDVSA’s documents and Refinitiv Eikon vessel tracking data, for reselling to final customers, mainly in Asia.
Venezuelan crude sanctions are against Rosneft Trading S.A., the Switzerland based 👉subsidiary of Ru parent company Rosneft $RNFTF $OJSCY The stock being temporarily hit created/s huge oppty for savvy options buyers Sidenote: Chevron $CVX Citgo are exempted from sanctions
Wtf
That's trump flirting with Putin playing hard to get🤪
Uh huh
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