OFAC designated the Cuban state-run oil import and export company pursuant to Executive Order 13850 for its continued importation of oil from Venezuela.
All property and interests in property of Cubametales, as well as any entities owned 50 percent or more by the company, that are in the United States, or in the possession or control of U.S. persons, are now blocked and must be reported to OFAC. OFAC prohibits any dealings by U.S. persons, or within the United States, that involve Cubametales, its property or interests in property.
Separately, OFAC delisted PB Tankers S.p.A., which was originally targeted in April 2019 for operating in the Venezuelan oil sector. Since that time, PB Tankers terminated its charter agreement with Cubametales and implemented procedures to avoid violating U.S. sanctions in the future. In connection with this action, OFAC noted that sanctions relief is also available to other parties "who take concrete and meaningful actions to restore the democratic order, including through refusing to operate in Venezuela's oil sector, which continues to provide a lifeline to the illegitimate regime of former President Nicolas Maduro."
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