The United States on Tuesday ramped up pressure on Venezuela, blacklisting a sub...
WASHINGTON - The United States on Tuesday ramped up pressure on Venezuela, blacklisting a subsidiary of Russian state oil major Rosneft that President Donald Trump’s administration said provides a financial lifeline to President Nicolas Maduro’s government.
Rosneft called the sanctions an “outrage” and said the company did not engage in any illegal activities, the TASS news agency reported. Abrams said Rosneft Trading now handles about 70 percent of Venezuelan oil. U.S. officials have warned companies worldwide about dealings with Rosneft Trading. Rosneft shares fell 2.7 percent, underperforming oil prices and the broader Russian index. The sanctions announcement came soon before the close of the Russian market.
Moscow has acted as a lender of last resort for Venezuela, with the government and Rosneft providing at least $17 billion in loans and credit lines since 2006, and has also provided diplomatic support.
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