The United States is pressing India to stop buying Venezuelan oil that is a majo...
- The United States is pressing India to stop buying Venezuelan oil that is a major source of revenue for President Nicolas Maduro’s government, Washington’s top envoy for Venezuela said, as the Trump administration this week threatened more U.S. sanctions to cut off Maduro’s financial lifelines.
Washington views Guaido as Venezuela’s legitimate leader and has imposed sanctions on the country’s oil sector and announced asset freezes and travel bans targeting top government officials. The United States is planning to end preferential trade treatment for India that allows duty-free entry for up to $5.6 billion worth of its exports to the United States.U.S. sanctions typically block American firms from doing business with specific foreign governments or companies.
U.S. National Security Advisor John Bolton this week put foreign banks “on notice” that they risked U.S. sanctions for hiding Venezuelan assets.Asked whether India had agreed to stop buying Venezuelan oil, Abrams said: “I don’t want to characterize the discussions, which continue.” That was well off the more than 400,000 bpd India used to import, on average, and not nearly enough to make up for the drop in U.S. imports to 104,800 bpd in February from more than 500,000 bpd before the sanctions hit.
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