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August 19, 2020 12:14 pm

US Weighs More Sanctions on Venezuela to Halt Fuel Deals: Bloomberg

avatar by Reuters and Algemeiner Staff

A worker stands at a closed gas station of the state oil company PDVSA in San Cristobal, Venezuela, May 17, 2019. Photo: Reuters / Carlos Eduardo Ramirez.

The administration of US President Donald Trump is weighing additional sanctions on Venezuela aimed at halting the remaining fuel transactions permitted with the Latin American country, Bloomberg reported late on Tuesday.

The step could target crude swaps with companies in Europe and Asia, the report added, citing people familiar with the matter.

The sanctions have not been finalized and talks are ongoing, according to Bloomberg.

The US Treasury Department did not immediately respond to a Reuters request for comment outside regular working hours.

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The United States has debated the move for months, and initially prioritized actions against Iran, which started exporting gasoline to Venezuela, Bloomberg reported.

The United States has imposed sanctions on both countries to choke oil exports and deprive them of their main source of revenue in its bid to see the ouster of Venezuelan President Nicolas Maduro and change the behavior of Iran’s government.

It has also threatened to sanction any ship owners and vessels involved in oil trade with Tehran and Caracas.

The United States said on Friday it had confiscated four Iranian fuel shipments that had been bound for Venezuela, disrupting a key supply line for both Tehran and Caracas as they defied US sanctions.

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