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Forex Analysis:::2020-06-10T06:14:29

Oil triangle

 Oil triangle

The Trump administration is preparing sanctions against 50 oil and fuel tankers as part of the effort to stop trade between Iran and Venezuela.

Sanctions aimed at avoiding the US military confrontation with these countries will be introduced by the Department of the Treasury.

The Trump administration is trying to intervene in trade relations between Iran and Nicolas Maduro, the President of Venezuela, who defended the right to free trade with Iran last month. Earlier, the United States imposed heavy sanctions on both countries.

Targeting tankers would mark an escalation in US efforts to cut off trade and cash flows between the two countries, as they are building closer relationships.

The Wall Street Journal reported on Tuesday that the United States was also trying to impose sanctions on a company run by Alex Saab Moran, a Colombian businessman, who was linked to Maduro.

The spokesperson of the Department of the Treasury declined to comment.

Venezuela, a country with the world's largest oil reserves, is lacking petrol due to mismanagement and US sanctions. Over the past few months, Venezuela's authorities have established a standardized restriction at gas stations throughout the country, transferring control to the military.

Not so long ago, Maduro thanked Hassan Rouhani, the President of Iran, and Ayatollah Khamenei, the Supreme Leader of Iran, for deliveries, and pointed out that Venezuela had good and brave friends. He defended their deal under a previous cooperation agreement.

The Ministry of Foreign Affairs of Iran declared that it would respond quickly and decisively to any attempt made by the United States to halt trade between Iran and Venezuela.

Analyst InstaForex
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