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SPECIAL REPORT-UAE emerges as hub for companies helping Venezuela avoid U.S. oil sanctions

Dec 29, 2020 - Nasdaq

By and Marianna Parraga

NEW YORK, Dec 29 (Reuters) - In June, the United States imposed sanctions on half a dozen oil tankers managed by established shipping firms. It was a major escalation of American attempts to choke off Venezuela’s oil trade.

Within weeks, a little-known company based in the United Arab Emirates took over management of several tankers that had been shipping Venezuelan oil. The vessels got new names. And then they resumed transporting Venezuelan crude.