July 2021

This site has been critical of U.S. Treasury sanctions towards PDVSA / Venezuela. We have argued that, as implemented, sanctions were akin to a haphazard siege: cut access to main / back entrances, leave all other entry points open. We have reported how, despite sanctions, PDVSA hasn’t stopped trading its crude, assisted by a never ending queue of operators who are not American, i.e. do not have to observe / comply with Treasury sanctions. A lot of money has been made on the back of sanctions.

[See added note below] - From GOV.UK: "Foreign Secretary Dominic Raab has announced further sanctions on individuals under the UK’s Global Anti-Corruption sanctions regime." Further on the press release: "Alex Nain Saab Morán and Alvaro Enrique Pulido Vargas for exploiting two of Venezuela’s public programmes

UPDATED 26/07/2021 - A few days ago a source informed this site that Bitumina Industries Limited had filed for bankruptcy in London. We tweeted about it and put the question to the London Gazette, which kindly came back today with corroboration. What this means is that Nynas largest shareholder (Bitumina's 49.9%) is out of the game.

The problem with Venezuela is which of its realities should be prioritised. It is a country "governed" by a group of people who have a fluid stance with a kind of criminality that would make any government subject to rule of law and independence of institutions collapse. Chavismo's relationship with Colombia's narco terrorist groups (FARC, ELN, etc.) is well documented. Hugo Chavez himself was vociferous about his sympathies with the enemies of the Colombian State, and his successor is not different.