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UAE companies help Venezuela avoid US oil sanctions

Reuters said Emirati companies ignored US sanctions and helped Venezuela to sell it oil.
Reuters said Emirati companies ignored US sanctions and helped Venezuela to sell it oil.

A Reuters report said UAE companies have circumvented the US sanctions imposed on Venezuela and shipped millions of oil barrels from Venezuela.

Reuters said three Emirati companies exported Venezuelan oil of $200 million worth and changed tankers’ names.

Leaked documents

Reuters obtained documents from the Venezuelan state oil company confirming that smuggled shipments value represents 4% of Venezuela’s oil exports total value.

Reuters said the UAE has become the hub “for companies helping Venezuela avoid US oil sanctions”. 

Washington has previously accused Iran of using Emirati companies to facilitate exports, despite US sanctions.

The US Treasury has sanctioned more than six UAE-based entities for buying or brokering the sale of Iranian oil and petrochemical products.

Sanctions on Venezuela

Since 2017, the US has imposed sanctions on individuals, companies, and oil entities linked to president Maduro’s regime, inside and outside Venezuela.

The US aims to prevent Maduro from benefiting from illegal gold exploration, state-run oil production operations, or other commercial transactions.

This means penalizing someone like Alex Sapp, a Colombian businessman who has used a network of shell companies (company or corporation that exists only on paper) to hide profits from overvalued contracts.

Economists agree that US sanctions are not responsible for the Venezuelan economy’s deterioration.

According to a study by the Brookings Institution and Harvard University, deterioration in living standards occurred in Venezuela long before the sanctions were imposed in 2017.

Related:

Special Report: UAE emerges as hub for companies helping Venezuela avoid U.S. oil sanctions

ImpACT Calls UN To Blacklist UAE Investments In Israeli Settlements

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