Teheran: U.S. targets Iran-Venezuela trade, tanker market suffers a blow

Teheran, June 15 - Neftegaz.RU. The Trump administration is considering new sanctions on reportedly 50 oil tankers for working with Venezuela, in order to prevent the trade between Iran and the Latin American country, Teheran Times analysed.

Earlier last week, a U.S. official told Bloomberg that the sanctions were intended to avoid a U.S. military confrontation with other countries (indicating Iran and Venezuela).

According to Teheran Times, the reason for the U.S.’s recent decision could be seen as getting back to Iran who had recently landed a heavy hit on the Trump Administration’s ego by sending 5 fuel loaded vessels to Venezuela before the eyes of the U.S navy.

The vessels delivered a total of 1.53 million barrels of gasoline and other oil products to the fuel-hungry Venezuelans in May.

Earlier this month, the U.S. Department of the Treasury sanctioned 4 shipping companies and their crude tankers for continuing to facilitate oil trading with Venezuela.

The tension between Washington and Teheran has been escalating since 2018 when U.S. President Trump withdrew from Iran’s 2015 nuclear deal and re-imposed sanctions on Iran.

Iran has repeatedly reported that it is Iran and Venezuela’s legal right to be able to trade with each other and no country can impede the economic transactions between the 2 countries which are both sanctioned by the U.S.

Iran also complained to the United Nations and summoned the Swiss ambassador in Teheran, who represents U.S. interests in Iran, over possible measures Washington could take against the Iranian tankers.

Later on, in response to the U.S threats for military actions, Iran's foreign ministry said that any U.S. attempt to halt trade with Venezuela would face an immediate and decisive response.

Regarding the recent sanctions, if Iran decides to continue trade with Venezuela it would use vessels belonging to its own shipping line most of which are already sanctioned by the U.S., so the new sanctions, despite their negative impacts on Venezuela’s global trade, would not have a huge effect on the trade between Iran and its Latin American ally.

Author: Ebrahim Fallahi