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Country Risk

US sanctions on Venezuelan oil would increase risks of sovereign default, non-payment to companies, and looting

08 February 2018

Event

US Secretary of State Rex Tillerson said on 8 February that he was looking for support from Canada and Mexico to mitigate the potential consequences on Caribbean countries and US Gulf Coast refineries of imposing US sanctions on Venezuelan oil exports.

On 4 February, Tillerson proposed US sanctions on Venezuela preventing its oil from being sold in the United States, or US companies selling oil or refined products to or buying from Venezuela. Venezuela both exports oil and imports diluents from the US to mix with its heavy crude oil. Venezuela’s President Nicolás Maduro has called for an early presidential election on 22 April.

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