Washington's move this week to sanction a trading unit of Russian oil giant...
CARACAS - Washington’s move this week to sanction a trading unit of Russian oil giant Rosneft for its ties with Venezuela’s state-run PDVSA escalated threats facing non-U.S. firms and will likely spur “overcompliance” by companies, analysts and industry sources said.
The measure explicitly prohibited U.S. companies from dealing with Rosneft Trading after a three-month wind-down period. But in a Q&A published alongside the new measure, the Treasury Department’s Office of Foreign Assets Control said “non U.S. persons” unable to wind down dealings with the company by May 20 “may seek guidance from OFAC.”
The Kremlin on Tuesday said the new U.S. sanctions were illegal and would not affect Moscow’s ties with Caracas. Rosneft said Washington had “repeatedly” said its activities in Venezuela did not violate the restrictions, and that the company would “consider its options for legal protection.” Already, global commodity trader Trafigura Group has said it would comply with U.S. sanctions on Rosneft Trading.
The sanction on Rosneft Trading also comes less than a month after OFAC renewed a license allowing U.S. oil major Chevron Corp to continue operating in Venezuela, where it has joint ventures with PDVSA and recently resumed direct crude exports. Moscow has branded that unfair competition.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why Cowboy Boots Are the Latest Trend for Women 2020 / 2021 » Fashion AllureHave you noticed that everywhere you go, women seem to be wearing cowboy boots? Unlike so many fashion trends that come and go, cowboy boots have a rich history steeped in tradition, folklore, and pop culture that makes them unique in the world of design.
Read more »
Lady Gaga Taps Her Biggest Fans For Her Latest Haus Laboratories Campaign'No matter what I do in my career, in the heart of it will always be my fans and their stories.'
Read more »
Rosario Dawson Has Officially Come Out In Her Latest InterviewMany thought she had come out in an Instagram post in 2018, but Dawson said that wasn't the case.
Read more »
Here's the latest on the coronavirus outbreakThe number of coronavirus cases worldwide tops 73,400 after China reports more than 1,880 new confirmed cases. Follow live updates for the latest on the outbreak:
Read more »
Bea, the Fighting-type trainer, is the subject of the latest episode of 'Pokémon Twilight Wings'After her loss to Leon, Bea takes her Pokémon training a bit too far. See that plot and more in episode 2 of 'Pokémon Twilight Wings.'
Read more »
Latest on coronavirus spreading in China and beyondHere are the latest developments around the coronavirus outbreak:
Read more »