The US Treasury Department posted a notice earlier on Friday, February the 1st, 2019, saying that all of the non-US entities wielding petroleum products or heavy crudes from Venezuelan state-owned PDVSA, involved with the US financial systems, brokers or people, must stop their operations by April 28th, 2019, setting up a cutting-off point for a confusing US sanction on Venezuelan oil, declared earlier this week.
The deadline cleared up some of the confusions meddling around the US sanctions inclined on Venezuela, as the country had been on the lookout for new buyers elsewhere for roughly 5,20,000 barrels of heavy crudes, they used to sell to the United States’ refineries.
Following the lead of US officials, the EU had also been considering a ban on Venezuelan oil, that would bar the nation from getting paid for their oils in Euro as well, as most of the US sanctioned countries including Iran had been using Euro for getting paid, instead US dollar, while most of the oil trades all over the world is performed through American Dollar.
Besides, even long before the Friday’s notice, the European buyers had pulled themselves back from the Venezuelan oil, since the EU superpowers such as Germany, France and Italy had recognized the Venezuelan opposition leader, Juan Guaido, as interim presiden, ruling out the governance of reelected, socialist president, Nicolas Maduro.
Meanwhile, the United States and its EU allies had provided eight days to president Maduro to step off of the government and arrange a fair election, a move which Maduro labelled as “illegal” interference of foreign nations into the country’s internal affairs.