Daijiworld Media Network - Washington
Washington, Jan 1: The Trump administration has stepped up pressure on Venezuela’s crucial oil sector by imposing fresh sanctions on companies based in mainland China and Hong Kong, along with several oil tankers accused of helping Caracas bypass long-standing US restrictions, Bloomberg reported. The move is seen as a stronger warning to Beijing as Washington escalates its confrontation with Venezuelan President Nicolás Maduro’s government.
In a statement issued on Wednesday, the US Treasury Department said its Office of Foreign Assets Control (OFAC) had added four firms allegedly linked to Venezuela’s oil trade to its sanctions list. The companies include Zhejiang-based Corniola Ltd. and Hong Kong-based Aries Global Investment Ltd., Krape Myrtle Co, and Winky International Ltd.
Four vessels associated with these firms — Della, Nord Star, Rosalind and Valiant — were also sanctioned. While the US has previously targeted dozens of ships and intermediaries involved in Venezuela’s oil exports, analysts noted that the inclusion of Chinese-linked companies is relatively uncommon.
Experts said the decision reflects Washington’s growing concern over China’s role as Venezuela’s largest oil buyer, with crude exports accounting for nearly 95 per cent of the South American nation’s revenue.
“These vessels, some of which are part of the shadow fleet serving Venezuela, continue to provide financial resources that fuel Maduro’s illegitimate narco-terrorist regime,” the Treasury Department said. It added that the Maduro government increasingly relies on a global shadow fleet to evade sanctions and generate revenue for what it termed “destabilising operations.”
Ship-tracking data indicates that of the four vessels named, only the Rosalind has recently operated near Venezuelan waters, mainly on short coastal routes. US officials, however, acknowledged that other ships may have travelled with tracking systems turned off — a tactic commonly used to conceal sanctioned activities.
The latest measures are part of a broader campaign by President Donald Trump to choke off revenue streams linked to the Maduro government, which Washington accuses of involvement in drug trafficking. On Tuesday, the Treasury Department also sanctioned 10 individuals and companies in Iran and Venezuela over alleged weapons trading.
US military operations have intensified alongside financial actions. In recent weeks, American forces intercepted two vessels and chased a third away from Venezuelan waters. According to US Southern Command, strikes carried out on December 30 sank three boats and killed three people, while others reportedly jumped into the sea before follow-up strikes destroyed the vessels.
Southern Command said the Coast Guard was alerted to conduct search-and-rescue operations, though the fate of those who fled was not disclosed. In a separate incident, strikes on two additional boats reportedly killed five people.