US Treasury To Allow Resale Of Venezuelan Oil To Cuba, Ease Fuel Crunch
The new policy is designed to bolster humanitarian and commercial support for Cuban people amid fuel shortages related to Maduro’s overthrow.,,,
Kimberly Hayek via The Epoch Times
The U.S. Treasury Department on Wednesday announced a new licensing policy to streamline the resale of Venezuelan oil to Cuba, with the goal of supporting the island’s private sector and bolstering humanitarian efforts amid ongoing fuel crises.
The Office of Foreign Asset Control (OFAC) will extend the new licensing policy to specific applications seeking authorization for the resale of Venezuelan oil for use in Cuba.
AFP via Getty Images
The move was done “in accordance with the United States’ support and solidarity for the Cuban people,” reads the new policy.
The policy does not cover entities or persons connected to the Cuban military, intelligence services, or other government institutions, including entities on the U.S. State Department’s Cuba Restricted List.
The Treasury’s Cuban Assets Control Regulations generally already authorize U.S. persons to export oil from the United States to Cuba, or to reexport U.S.-origin oil from a third country to Cuba, where that export or reexport has been authorized by the Commerce Department.
The United States has in recent months placed increased pressure on Cuba’s energy procurement network, especially in the wake of former Venezuelan President Nicolás Maduro’s capture in January. Oil shipments to Cuba plummeted, worsening shortages that have disrupted everyday life.
Canadian officials earlier this month advised citizens to prepare for unpredictable conditions in Cuba due to fuel scarcity. U.S. federal advisories warned against nonessential travel, with oil shortages a key issue.
In January, President Donald Trump imposed tariffs via executive order on any nation selling oil to Cuba.
“I find that the policies, practices, and actions of the Government of Cuba constitute an unusual and extraordinary threat, which has its source in whole or substantial part outside the United States, to the national security and foreign policy of the United States,” the executive order reads.
The United States recently eased certain sanctions, permitting established American firms to trade Venezuelan crude under strict conditions, but it prohibits deals with adversaries such as Russia, Iran, North Korea, Cuba, and China.
In an unrelated press briefing on Wednesday, Secretary of State Marco Rubio echoed Trump’s push for reform in Cuba.
“The reason why things are as bad as they are is because they have an economic model that doesn’t work, doesn’t exist anywhere in the world,” Rubio said. “It is not functional. And the only way Cuba is going to have a better future is if it has a different economic model.”
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