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.
