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Venezuela Routes Fuel Payments Through US Treasury - The Caribbean Camera
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Venezuela Routes Fuel Payments Through US Treasury - The Caribbean Camera.Venezuelan authorities have introduced a new payment system requiring foreign airlines and shipping companies purchasing fuel in the country to route foreign currency payments through an account administered by the United States Treasury Department.The directive was disclosed in a May 28 letter from state oil company PDVSA, reported by Spanish newspaper El Diario.Addressed to aviation and maritime customers, the document provided banking details for purchases of JET A1 aviation fuel and the marine fuels MGO and IFO 380.Customers were instructed to transfer payments using the specified banking information and submit proof of payment to PDVSA representatives to guarantee fuel deliveries.“We urge our customers to take the necessary precautions and forward the payment receipt to PDVSA sales representatives so that the payment is cleared and fuel supply is assured,” the letter stated.Supporting documents reportedly included US Treasury instructions for Fedwire transfers into a Venezuelan custody account and requested information on the source of funds, including oil, gold and minerals.The disclosure is believed to be the first publicly known case of a Venezuelan state institution directing foreign currency payments to a US Treasury-managed account rather than the Venezuelan Central Bank or another domestic state entity.The move comes amid broader political and economic changes following the administration of acting president Delcy Rodríguez’s rapprochement with Washington.US Treasury licences allowing selected Western companies to operate in Venezuela’s oil and gas sector require royalties, taxes and dividend payments to be deposited into Treasury-controlled accounts.Similar arrangements reportedly apply to parts of the mining sector.Neither Caracas nor Washington has publicly disclosed how much money is held in the accounts, when funds are returned to Venezuela, or whether any portion is retained by US authorities.President Donald Trump recently said the United States had “made a fortune” from Venezuelan oil sales.Meanwhile, improving relations have coincided with growing international transport activity.American Airlines operates two daily Caracas-Miami flights, United Airlines plans to launch a Caracas-Houston route in August, and JetBlue is preparing its first service to Venezuela later this year.Venezuelan authorities have also reported increased shipping activity at the country’s ports.#Venezuela #PDVSA #OilIndustry #CaribbeanNews #AviationNews #ShippingNews #USTreasury #EnergyNews #LatinAmerica #BusinessNews #Caracas #Airlines #GlobalTrade #CaribbeanCamera #EconomicDevelopment