The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on four companies operating in Venezuela’s oil sector and identified four associated oil tankers as blocked property. The move targets vessels that, according to the Treasury, are part of a "shadow fleet" supporting the Maduro regime through sanctions evasion and generating revenue for activities described as destabilizing.
Secretary of the Treasury Scott Bessent stated, “President Trump has been clear: We will not allow the illegitimate Maduro regime to profit from exporting oil while it floods the United States with deadly drugs. The Treasury Department will continue to implement President Trump’s campaign of pressure on Maduro’s regime.”
The action builds on previous measures taken by OFAC against Venezuela's state-run oil company Petroleos de Venezuela, S.A. (PDVSA), which was designated in January 2019 under Executive Order 13850 for its role in Venezuela's oil sector. In August 2019, further restrictions were applied under Executive Order 13884. Recent actions also included sanctions against PDVSA-linked officials and vessels earlier in December.
The entities sanctioned include Corniola Limited and Krape Myrtle Co LTD—owners and operators of the NORD STAR tanker; Winky International Limited—owner of ROSALIND (also known as LUNAR TIDE); and Aries Global Investment LTD—owner of both DELLA and VALIANT tankers. These companies were designated for their involvement in transporting Venezuelan oil.
Following these sanctions, all property or interests belonging to these entities within U.S. jurisdiction or controlled by U.S. persons are now blocked and must be reported to OFAC. Any business or financial dealings with these entities by U.S. persons are generally prohibited unless specifically authorized by OFAC.
Violations may result in civil or criminal penalties for both U.S. and foreign individuals or organizations involved in prohibited transactions with designated parties. Financial institutions engaging with blocked persons may also face sanctions exposure.
OFAC emphasized that its enforcement aims not only at designating individuals or entities but also at encouraging changes in behavior, stating that removal from sanction lists is possible if certain legal conditions are met.
More information about those designated and affected vessels can be found on the U.S. Department of the Treasury website.
