US imposes sanctions on Venezuela’s PDVSA for engaging in trade with Iran

Tuesday, May 24th 2011 - 18:46 UTC

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Deputy Secretary of State James Steinberg makes the announcement

United States announced new sanctions on Venezuela's state oil company PDVSA and six other smaller oil and shipping companies for engaging in trade with Iran in violation of a US ban.

The State Department also announced additional sanctions on 16 companies and individuals from China, Syria, Iran, Belarus and North Korea for nuclear and weapons proliferation activities involving both Iran, North Korea, and Syria.

Upon imposing the sanctions, the Secretary of State, Hillary Clinton “wants to send a clear and sound message to companies around the world: those irresponsibly supporting the Iranian energy sector to evade European sanctions will suffer the consequences.”

Deputy Secretary of State James Steinberg said the sanctions on PDVSA would prevent it from access to US government contracts and import/export financing, but would not affect the company's sale of oil to the United States or the activities of its subsidiaries.

Steinberg said the new US sanctions were aimed at squeezing Iran's gasoline supplies, and could have a serious impact as other companies recognize the risks of doing business with the Islamic Republic.

“By imposing these sanctions we're sending a clear message to companies around the world: Those who continue to irresponsibly support Iran's energy sector or help facilitate Iran's efforts to evade US sanctions will face significant consequences,” Steinberg told a news briefing.

The companies covered by the new US sanctions include PCCI, the Royal Oyster Group and Speedy Ship of the United Arab Emirates, Tanker Pacific of Singapore, Ofer Brothers Group of Israel, Associated Shipbroking of Monaco as well as PDVSA.

Categories: Energy & Oil, Politics, International, Latin America, United States.

Tags: Hillary Clinton, Iran, James Steinberg, PDVSA, US ban, Venezuela.

Top Comments

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Forgetit87
Oh, does that mean that there will no longer be cheap oil to New York and Massachusetts?

http://news.bbc.co.uk/2/hi/americas/4461946.stm
May 24th, 2011 - 07:20 pm 0
ed
Deputy Secretary of State James Steinberg !

Do you remember “” Gaffur “” who is Iranian ?
if I remember correctly , once methinks from Rand Corporation !
May 24th, 2011 - 08:10 pm 0
Fido Dido
Obozo's plan to create more poverty in the US is working, and he can blame Chavez for it (of course idiots will buy it). Indeed Forget, no more cheap oil, while we here in the US are being squeezed by higher energy prices. Funny, why doesn't he punish GE that works indirect in Iran? One name who is in his “economic team”..Jeffrey immelt. Conservative pundit Bill O'reilly (Fox News) blasted him on that, and of course through MSNBC (sponsored by GE) denied and blasted Fox news. Left vs right nonsense, divide and conquer concept to keep the people here blind.
May 25th, 2011 - 12:44 am 0

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