US begins re-imposing sanctions on Venezuela, oil may come next

Syllabus: GS- II

Subject: International Relations

Topic: Agreements Affecting India’s interests

Issue: Sanctions on Venezuela

Implications of US sanctions:

  • May reduce international trade with that particular country, by denying investment, foreign exchange or credit to the target country.

India’s oil imports from Venezuela:

  • India is the world’s third-largest consumer of crude oil and depends on imports to meet over 85 percent of its requirements.
  • Venezuela has the largest proven oil reserves in the world.
  • Venezuela was India’s fifth largest oil supplier in 2019, but imports stopped after US sanctions.
  • Hence re-imposition of sanctions doesn’t largely affect India.
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