Indian Refiners To Stop Importing Venezuelan Crude

[Judi Lynn]

By Tsvetana Paraskova - Feb 28, 2020, 4:30 PM CST

Two Indian oil refiners who still buy Venezuelan crude will stop importing oil from the Latin American country from April as the U.S. steps up sanctions pressure on Nicolas Maduro’s regime, Reuters reported on Friday, quoting three sources familiar with the plans.

. . .

According to company and industry data and sources cited by Reuters, India was the top destination of Venezuela’s oil in January 2020, taking 38.5 percent of the Latin American country’s oil exports.

The U.S., however, slapped sanctions on Rosnef’s Geneva-based trading unit, saying that the company Rosneft Trading has been helping Maduro’s regime to evade sanctions and to continue selling oil to keep the regime alive.

Reliance Industries and Nayara Energy, both of which have financial exposure to the U.S. banking and financial systems, have vowed full compliance with the sanctions, to avoid running afoul of the U.S. Administration and become targets of secondary sanctions themselves.

More:
https://oilprice.com/Latest-Energy-News/World-News/Indian-Refiners-To-Stop-Importing-Venezuelan-Crude.html#

[2naSalit]

1. And that was what

the visit to India was all about.