Polish refiner Orlen has canceled its deal to purchase Venezuelan crude and oil products after U.S. sanctions snapped back into place.
Polish refiner Orlen has scrapped contracts to purchase Venezuela n crude and oil products after losing millions of U.S. dollars on prepayment for cargoes that haven’t been loaded while a wind-down period of the return of the U.S. sanctions on Venezuela has begun, a manager at Orlen has told Reuters.
But the U.S. Department of the Treasury had warned that sanctions would snap back in place if Maduro doesn’t allow fair elections. Last week, the U.S. reimposed the oil sanctions on Venezuela after finding that Maduro and his representatives had not fully met the commitments ahead of the elections. The U.S. thus allowed the general license authorizing transactions in Venezuelan oil to expire at 1201 AM on April 18 but issued a 45-day wind-down license.
Refiner Venezuela Sanctions United States Geopolitics Maduro
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