Trump Has Paralyzed Venezuelan Oil Smuggling

The U.S. hit Maduro's income.

U.S. President Donald Trump's announced restrictions on oil shipments from Venezuela could effectively destroy the country's illegal oil market, The Wall Street Journal reported. According to U.S. authorities, it is through it that the entourage of dictator Nicolas Maduro receives key revenues that also support the state's highly vulnerable economy. Caracas has used similar schemes to circumvent sanctions for years, modeled on Russia and Iran.

Venezuelan oil exports were carried out with the help of a "shadow fleet" of tankers, sending raw materials mainly to Asian countries, where settlements were often made in cryptocurrencies. The tightening of the sanctions regime could sharply reduce foreign exchange earnings, exacerbate food and fuel shortages in a country heavily dependent on imports, and thereby accelerate price increases. According to IMF forecasts, inflation in Venezuela could approach 700% as early as next year.

At the same time, Washington avoids the term "blockade," preferring to speak of "quarantine," since international law considers a full-fledged blockade as an act of war. At the current stage, the US actions are aimed at restricting the activities of vessels under sanctions by the Treasury Department.

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