The Treasury Department moved to expand sanctions against oil companies operating in Venezuela on Wednesday, the latest sign of the Trump administration’s crackdown on President Nicolás Maduro’s government.
The Treasury’s Office of Foreign Assets Control announced that four companies and their associated oil tankers were sanctioned. The department said the vessels are part of Venezuela’s so-called shadow fleet that financially supports Maduro’s government.
The targeted companies are Corniola Limited, Krape Myrtle Co, Winky International Limited, and Aries Global Investment. Three of them are based in China, while one is based in Hong Kong.
“Maduro’s regime increasingly depends on a shadow fleet of worldwide vessels to facilitate sanctionable activity, including sanctions evasion, and to generate revenue for its destabilizing operations,” the national treasury’s office said in a statement. “Today’s action further signals that those involved in the Venezuelan oil trade continue to face significant sanctions risks.”
“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,” Treasury Secretary Scott Bessent added. “The Treasury Department will continue to implement President Trump’s campaign of pressure on Maduro’s regime.”
Tensions between the United States and Venezuela significantly escalated this week when the CIA led the first-known land strikes in the South American country. The target was a remote dock reportedly used by Venezuelan gang Tren de Aragua for shipping narcotics. The Department of War continues to authorize airstrikes on boats allegedly operated by drug traffickers.
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Adding to the highly unstable relations between the nations are reports of detained Americans in Venezuela. Maduro’s government, according to the New York Times, is holding three Venezuelan American dual passport holders and two American citizens with no known ties to Venezuela. The U.S. is weighing whether to label at least two of the detainees as wrongfully detained. The rest appear to face legitimate criminal charges.
Maduro has been accused of facilitating drug trafficking to the U.S. and leading an extensive cartel network, but he denies the allegations. In 2020, the Venezuelan leader was charged with narco-terrorism and drug trafficking in the U.S.
