Washington places sanctions on another Rosneft subsidiary over Venezuela links

Washington places sanctions on another Rosneft subsidiary over Venezuela links

Another Rosneft subsidiary has been slapped by sanctions by the Trump administration in Washington for alleged links to Venezuela.

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) yesterday designated TNK Trading International (TTI) for operating in the oil sector of the Venezuelan economy. TTI, incorporated in Switzerland, is a subsidiary of Russian state-controlled Rosneft. Last month another subsidiary, Rosneft Trading, was also hit with sanctions.

“TNK Trading International S.A. is another Rosneft subsidiary brokering the sale and transport of Venezuelan crude oil, which is subject to sanctions,” said treasury secretary Steven Mnuchin. “The Trump Administration remains committed to targeting those who support the corrupt regime’s exploitation of Venezuela’s oil assets.”

TTI is involved in the trading, processing, and transport of raw materials, in particular unrefined petroleum and petroleum products.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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