UAE new hub for Venezuelan oil
Re-named vessels circumvent US sanctions and re-start trade in pariah state’s black gold.
US sanctions on Venezuelan oil have not stopped trade in the Latin American country’s primary export, reports Reuters. Within weeks of sanctions being imposed in June, Muhit Maritime FZE, a little-known UAE-based company, took over the running of several tankers involved in the Venezuelan trade and soon had them operating under new names.
The company is one of three that have become active in the trade, and their involvement has come to light through analysis of third-party shipping and tracking documents, and internal documents from the Venezuelan state oil firm, PDVSA.
UAE is one of Washington’s closest allies in the Middle East and the sanctions are part of US efforts to depose Nicholas Maduro, Venezuela’s socialist president. A US State Department spokesman said: “We are closely tracking these kinds of creative efforts by companies to evade sanctions… Those behind shell companies would not be wise to consider themselves shielded from sanctions.”
