The United States will allow the resale of Venezuelan oil to Cuba

The US Treasury will allow oil resale transactions from Venezuela to Cuba. This was announced on February 25 by the departmental Office for Control of Foreign Assets (OFAC).

"In line with the support and solidarity of the United States with the Cuban people, OFAC will apply a favorable licensing policy to specific applications for permits to resell oil of Venezuelan origin for use in Cuba," OFAC said in a statement on its website.

It is noted that in order to obtain the right to approval, these transactions must comply with the terms of the General License of Venezuela. However, the applicant is not required to have a registered legal entity in the United States.

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On February 12, US Secretary of Energy Chris Wright announced that the so-called oil quarantine in Venezuela had actually ended. He also suggested the possibility of Chinese companies participating in Venezuela's oil sector, taking into account "honest business with China legally."

On January 29, OFAC published a license under which American legal entities are allowed to conduct transactions with Venezuelan oil. At the same time, according to the document, the listed actors are prohibited from making any financial interaction with the participation of persons located in Russia, Iran, the DPRK and the Republic of Cuba.

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