Trump Administration Sells Oil Seized from Iran to Venezuela

The Trump administration announced on Monday that it sold Iranian oil that was seized on its way to Venezuela for over $40 million. The White House announced in August that it had confiscated 1.1 million barrels of petroleum from four tankers en route between the two nations, which are both under economic sanctions.

The Trump administration announced on Monday that it sold Iranian oil that was seized on its way to Venezuela for over $40 million. The White House announced in August that it had confiscated 1.1 million barrels of petroleum from four tankers en route between the two nations, which are both under economic sanctions.

“We estimate that in excess of $40 million will be recouped by the United States related to the sale of petroleum from those four vessels,” the acting US attorney for the District of Columbia Michael Sherwin said in a statement. He also pointed out that a “great portion” of it would be contributed to a US fund for victims of “state-sponsored terrorism.”

Iran denies any responsibility and states it has no intention of paying, claiming that the United States should instead compensate for past episodes.

Venezuela has the largest oil reserves in the world, but its economy and infrastructure have collapsed over the last few years. President Donald Trump has been seeking to weaken Iran regionally and to remove Venezuelan dictator Nicolas Maduro, who shows little sign of leaving soon.


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