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Wed May 26, 2021, 07:42 PM

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 lion’s share of the oil income that the Venezuelan socialist regime still receives after the sanctions closed off the country’s access to traditional markets, and the new tax threatens to leave Maduro without a market to sell its oil products, analysts said.


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Reply Venezuela's Maduro receives harsh economic blow from an unlikely source: China (Original post)
Yo_Mama_Been_Loggin May 26 OP
Bucky May 26 #1

Response to Yo_Mama_Been_Loggin (Original post)

Wed May 26, 2021, 08:29 PM

1. Yay?

I mean, technically this is China going green-ish.
Still, it's weird watching this neck and neck race between the damage the world is doing to Venezuela and the damage Venezuela is doing to itself.

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