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US slaps sanctions on 4 companies transporting Venezuelan oil

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US slaps sanctions on 4 companies transporting Venezuelan oil

The U.S. Treasury Department sanctioned four companies and some of their tankers for transporting oil and other petroleum products from Venezuela to Cuba.

The sanctions are applicable on Cyprus-based Caroil Transport Marine Ltd., Panama-based Trocana World Inc., Tovase Development Corp. and Bluelane Overseas SA, and some of their vessels.

"Venezuela's oil belongs to the Venezuelan people, and should not be used as a bargaining tool to prop up dictators and prolong the usurpation of Venezuelan democracy," said Treasury Secretary Steven Mnuchin.

Tensions ratcheted up further after Latin American countries agreed Sept. 24 to place sanctions on certain members of Venezuelan President Nicolás Maduro's administration, but said they do not support the use of force to remove Maduro from office. Most Latin American countries, along with the U.S. and other Western nations, have recognized opposition leader Juan Guaidó as Venezuela's legitimate ruler.

Meanwhile, the Treasury Department delisted Serenity Maritime Ltd., Lima Shipping Corp., two vessels and an aircraft after adopting sanctions compliance measures. The companies were sanctioned earlier this year for operating in Venezuela's oil sector.