US Treasury to Allow Resale of Venezuelan Oil to Cuba to Ease Island’s Fuel Crunch

The U.S. Treasury Department on Wednesday announced a new licensing policy to streamline the resale of Venezuelan oil to Cuba, with the goal of supporting the island’s private sector and bolstering humanitarian efforts amid ongoing fuel crises. The Office of Foreign Asset Control (OFAC) will extend the new licensing policy to specific applications seeking authorization for the resale of Venezuelan oil for use in Cuba. The move was done “in accordance with the United States’ support and solidarity for the Cuban people,” reads the new policy. The policy does not cover entities or persons connected to the Cuban military, intelligence services, or other government institutions, including entities on the U.S. State Department’s Cuba Restricted List....