Tax on Venezuela crude buyers are a potent new tool of US pressure


Trade of Venezuelan oil to top buyer China stalled almost immediately after Trump’s order. — Reuters

A UNITED STATES plan to slap tariffs on countries buying sanctioned Venezuelan oil marks an unprecedented, and potentially potent, mixture of punitive economic measures against a geopolitical foe that Washington could replicate against other countries like Russia and Iran, analysts say.

The United States has maintained sanctions on all three countries for years to hobble their energy revenues, but Washington has tended to enforce sanctions using designations that isolate people or companies that break them from the United States financial system.

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