Venezuela's Maduro receives harsh economic blow from an unlikely source: China
A recently approved Chinese tax might translate into a severe economic blow to the Nicolás Maduro regime by almost doubling the importing cost of the oil that Venezuela sells in violation of the U.S. sanctions, analysts said.
The Chinese government is set to start collecting the $30 to $40 per barrel tax on June 12, in a step announced as an environmental measure that penalizes the imports on the part of private refineries of the dirty and extra heavy so-called bitumen mix, sold mostly by Iran, Canada and Venezuela.
But of the three, Venezuela would probably be the hardest hit by the tax, given that the private Chinese refineries are the final destination for the bitumen oil that sells, with the complicity of third parties, in defiance of U.S. sanctions.
Those sales provide the lions share of the oil income that the Venezuelan socialist regime still receives after the sanctions closed off the countrys access to traditional markets, and the new tax threatens to leave Maduro without a market to sell its oil products, analysts said.
https://www.msn.com/en-us/news/world/venezuelas-maduro-receives-harsh-economic-blow-from-an-unlikely-source-china/ar-AAKnIby