The Donald Trump administration on the 31st of last month (local time) unveiled an expanded list of Venezuela oil-related sanctions that includes corporations and oil tankers based in Hong Kong and China.
The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) said it newly designated four firms as targets of transaction sanctions and added them to the SDN list: Aries Global Investment, which has offices in Hangzhou, Zhejiang, China, and Hong Kong; Koniola, based in Zhoushan, Zhejiang, China; and Crape Myrtle and Winky International, both based in Hong Kong. SDN is short for "Specially Designated Nationals and Blocked Persons."
In addition, it added four vessels to the SDN that are linked to Aries: the Hong Kong- and China-flagged crude oil tankers Della and Valiant; linked to Crape Myrtle: the Panama-flagged crude oil tanker Nordstar; and linked to Winky International: the Guinea-flagged oil products tanker Rosalind.
OFAC said the corporations and vessels newly added to the SDN "continue to finance Maduro's illicit narco-terrorist regime, and some are part of the shadow fleet that supports Venezuela." The "shadow fleet" refers to groups of tankers and other vessels involved in the illicit transport of crude oil and other cargo to evade international sanctions.
The Trump administration declared a maritime blockade earlier last month on all sanctioned vessels entering and leaving Venezuelan waters, and the move is being read as a warning to China as it targets even Chinese corporations. China is the largest customer for Venezuelan oil, and a decline in oil exports to China leads to a financial blow to the Nicolás Maduro administration in Venezuela.
Treasury Secretary Scott Bessent said, "We will not tolerate the illicit Maduro regime profiting from oil exports while flooding the United States with lethal drugs," adding, "The Treasury Department will continue to carry out President Trump's pressure on the Maduro regime."