The US Treasury Department’s Office of Foreign Assets Control (OFAC) on Thursday (12 March) applied sanctions against Geneva-based TNK Trading International S.A. (TTI), a subsidiary of Russian state-controlled Rosneft Oil Company for operating in the oil sector of the Venezuelan economy.
This follows the previously reported sanctions on Rosneft Trading S.A. as cargoes of Venezuelan oil allocated to RTSA were changed to TTI in order to evade U.S. sanctions.
“TNK Trading International S.A. is another Rosneft subsidiary brokering the sale and transport of Venezuelan crude oil, which is subject to sanctions,” said U.S. Secretary of the Treasury Steven T. Mnuchin.
“The Trump Administration remains committed to targeting those who support the corrupt regime’s exploitation of Venezuela’s oil assets.”
OFAC reports that TTI and RTSA handled a large percentage of Venezuela’s oil exports in 2019. In January 2020, TTI purchased nearly 14 million barrels of crude oil from Petroleos de Venezuela (PDVSA).
As a result of today’s action, all property and interests in property of TTI that are in the United States or in the possession or control of U.S. persons, and of any entities that are owned, directly or indirectly, 50% or more by the designated individuals and entity, are blocked and must be reported to OFAC.
Read identifying information on the individuals and entity designated
Source: U.S. Department of The Treasury
Photo credit: David Everett Strickler on Unsplash
Published: 16 March, 2020.
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