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US Loosens Venezuela Sanctions Amid Rising Oil, Fertilizer Needs
(MENAFN) The United States Treasury Department eased certain sanctions on Venezuela on Friday, allowing American businesses and farmers greater access to Venezuelan oil and fertilizer, according to reports. The move comes as prices for these commodities rise amid the ongoing US-Israeli conflict with Iran.
The Treasury’s Office of Foreign Assets Control (OFAC) updated several Venezuela-related licenses to broaden authorized investment and activities in the country’s energy sector.
A Treasury official said the changes aim to revitalize Venezuela’s energy industry while ensuring steady global commodity supplies. “These authorizations expand permitted investment and activities in Venezuela's energy industry and allow for the export of fertilizer directly to the US to support our great American farmers,” the official said.
The easing of sanctions occurs as disruptions in the Strait of Hormuz, amid the US-Israeli war with Iran, have contributed to rising global oil and fertilizer prices.
The Treasury’s Office of Foreign Assets Control (OFAC) updated several Venezuela-related licenses to broaden authorized investment and activities in the country’s energy sector.
A Treasury official said the changes aim to revitalize Venezuela’s energy industry while ensuring steady global commodity supplies. “These authorizations expand permitted investment and activities in Venezuela's energy industry and allow for the export of fertilizer directly to the US to support our great American farmers,” the official said.
The easing of sanctions occurs as disruptions in the Strait of Hormuz, amid the US-Israeli war with Iran, have contributed to rising global oil and fertilizer prices.
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