U.S. Treasury Eases Rules on Venezuelan Oil for Cuba

The U.S. Treasury announced a favorable policy towards licensing applications for reselling Venezuelan oil to Cuba. This policy supports the Cuban private sector but excludes transactions benefiting Cuban military or government institutions, according to the department's recent guidance.

The U.S. Treasury has announced a new policy easing the approval process for specific licenses allowing the resale of Venezuelan oil designated for Cuba.

According to guidance published on the department's website, the policy is intended to support the Cuban people, particularly enhancing the private sector.

However, it clarifies that transactions involving or aiding the Cuban military or other government entities will not be permitted under this policy.

(With inputs from agencies.)