U.S. oil refiners won’t be allowed to complete shipments of Venezuelan crude they booked before the Trump administration slapped new sanctions on the Latin American nation.
U.S. Treasury Department officials have informed some companies that previously contracted cargoes won’t be exempt from a new rule blocking payments to Venezuela’s PDVSA, according to two people familiar with the matter. The requirement forces purchasers of Venezuelan crude to deposit payment into an account state-owned Petroleos de Venezuela SA can’t touch.
