The US will allow the sale of Venezuelan crude oil to the Cuban private sector
The authorization of transactions shall be subject to certain restrictions on the sale and trade of such raw materials, such as the deposit of sales revenue in a Washington controlled account.
On Wednesday, the United States Government relaxed the oil blockade imposed on Cuba and exempted companies applying for licences to sell Venezuelan crude oil to the island under certain conditions and through the private sector.
The U.S. Treasury Department has announced that it will issue licenses for companies intending to trade Venezuelan crude oil and its derivatives to Cuba to carry out these transactions with impunity.
The Office for the Control of Foreign Assets of the Treasury Department, OFAC, has stated on its website that this decision allows transactions that "assist the Cuban people", including exports to the island for both commercial and humanitarian use, provided that the Cuban Government does not intervene directly.
The approval of transactions will be subject to a series of restrictions on the sale and trade of Venezuelan crude oil, including the deposit of sales revenue in a Washington-controlled account, although such exemptions may also be required by non-US companies.
Cuba is experiencing one of the most difficult situations in recent decades, as not only Washington's blockade of the island, but also the Donald Trump administration imposed additional sanctions on oil-supplying countries (although a US Supreme Court ruling last Friday raised doubts about these measures).
Following the US military intervention in Venezuela, Trump blocked the shipment of crude oil and petrol from Caracas to Cuba, leaving Cuba without supplies from that key ally.
In order to deal with the situation, the Cuban Government has established an emergency plan limiting health and transport to minimum services, rigorously rationalizing fuel and imposing restrictions on various sectors, including education.
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