This comes after the US eased sanctions on Venezuela’s oil sector in October. The sanctions were imposed to punish Maduro’s government following his 2018 re-election…reports Asian Lite News
Venezuela has agreed to supply crude oil to ONGC Videsh Ltd (OVL) in lieu of the pending dividend, Secretary Petroleum Pankaj Jain said.
“They have agreed to give us some oil in lieu of its pending OVL dues. We are waiting for lifting dates,” the Petroleum Secretary said.
This comes after the US eased sanctions on Venezuela’s oil sector in October. The sanctions were imposed to punish Maduro’s government following his 2018 re-election.
Earlier, Petroleum Minister Hardeep Singh Puri said that India will buy Venezuelan oil, adding that Indian refineries are capable of processing the heavy oil from the South African country.
Speaking to reporters at an event, Puri stated that New Delhi is willing to resume oil import with any nation that is not under sanction.
“India will buy Venezuelan oil. Many of our refineries including one in Paradip are capable of processing heavy oil from Venezuela. We are willing to resume (oil import) with anyone who is not under sanction,” he had said.
“We are in a situation where we are using crude oil 5 million barrels/ per day. And it is increasing every day. If Venezuela oil comes to market we will welcome it,” he added.
India last imported Venezuelan crude in 2020 when the U.S. imposed secondary sanctions on the nation. The U.S. imposed harsh sanctions on Venezuela to punish Maduro’s government following his 2018 re-election.
The South American country is producing some 850,000 barrels per day (BPD) of crude with a target of soon reaching 1 million BPD.
India, the world’s third-largest oil importer and consumer, has embarked on a strategic journey to reshape its energy landscape.
As a nation heavily reliant on overseas oil, accounting for over 80 per cent of its needs, India aims to curtail its crude import bill and bolster its refining capabilities.
This pursuit has led India to explore diverse sources, and one country that has caught its attention is Venezuela.
Venezuela, a historical player in the global oil industry, has been producing oil since 1914. With proven oil reserves of 299,953,000,000 barrels, as of 2016, Venezuela stands as one of the world’s leading holders of oil reserves, representing about 18.2 per cent of the global total.
India, eyeing opportunities to diversify its oil sources and strengthen its refining capabilities, is keenly exploring collaborations and partnerships with Venezuela. (ANI)
Venezuelan President Nicolas Maduro speaks in a TV address in Caracas, Venezuela, March 16, 2020. (Venezuela's Presidency/Handout via Xinhua/IANS)
The deal represents the Biden administration’s boldest move yet to improve relations with the major oil-producing nation and extract concessions from the self-proclaimed socialist leader…reports Asian Lite News
The United States freed a close ally of Venezuelan President Nicolás Maduro in exchange for the release of 10 Americans imprisoned in the South American country and the return of a fugitive defense contractor known as “Fat Leonard” who is at the center of a massive Pentagon bribery scandal, the Biden administration announced Wednesday.
The deal represents the Biden administration’s boldest move yet to improve relations with the major oil-producing nation and extract concessions from the self-proclaimed socialist leader. The largest release of American prisoners in Venezuela’s history comes weeks after the White House agreed to suspend some sanctions, following a commitment by Maduro to work toward free and fair conditions for the 2024 presidential election.
The release of Alex Saab, a Maduro associate long regarded as a criminal trophy by Washington, is a significant concession to the Venezuelan leader. US officials said the decision to grant him clemency was difficult but essential in order to bring home jailed Americans, a core administrative objective that in recent years has resulted in the release of criminals who once once been seen as untradeable.
The 10 Americans released include six who have been designated by the US government as wrongfully detained.
“These individuals have lost far too much precious time with their loved ones, and their families have suffered every day in their absence. I am grateful that their ordeal is finally over,” President Joe Biden said in a statement.
The agreement also resulted in the return to US custody of Leonard Glenn Francis, the Malaysian owner of a ship-servicing company who is the central character in one of the largest bribery scandals in Pentagon history.
But the exchange, a major US concession, angered many hard-liners in the Venezuelan opposition who have criticized the White House for standing by as Maduro has repeatedly outmaneuvered Washington after the Trump administration’s campaign to topple him failed.
In October, the White House eased sanctions on Venezuela’s oil industry following promises by Maduro that he would level the playing field for the 2024 election, when he’s looking to add six years to his decade-long, crisis-ridden rule. A Nov. 30 deadline has passed and so far Maduro has failed to reverse a ban blocking his chief opponent, María Corina Machado, from running for office.
Biden told reporters earlier in the day that, so far, Maduro appeared to be “keeping his comment on a free election.” Republicans, echoing the sentiment of many in the US-backed opposition, said Saab’s release would only embolden Maduro to continue down an authoritarian path.
“Disgraceful decision,” Republican Sen. Marco Rubio of Florida, chairman of the Senate Intelligence Committee, posted on X, the social media platform formerly known as Twitter.
The US sanctions remain suspended as part of the deal announced Wednesday. It also requires Maduro’s government to release 21 Venezuelans, including Roberto Abdul, who co-founded a pro democracy group with Machado more than two decades ago, and dismiss three arrest warrants.
Among the Americans behind bars in Venezuela are two former Green Berets, Luke Denman and Airan Berry, who were involved in an attempt to oust Maduro in 2019. Also detained are Eyvin Hernandez, Jerrel Kenemore and Joseph Cristella, who were accused of entering Venezuela illegally from Colombia. More recently, Venezuela arrested Savoi Wright, a 38-year-old California businessman.
The US has conducted several swaps with Venezuela over the past few years, including one in October 2022 for seven Americans, including five oil executives at Houston-based Citgo, in exchange for the release of two nephews of Maduro’s wife jailed in the US on narcotics charges. Like that earlier exchange, Wednesday’s swap took place on a tarmac in the Caribbean island nation of St. Vincent and the Grenadines.
Saab, who turns 52 on Thursday, hugged his wife and two young children as he descended the staircase of a private jet at the Simon Bolivar International Airport. Also present to welcome him was Venezuela’s first lady, Cilia Flores.
Saab was arrested in 2019 during a fuel stop in Cape Verde en route to Iran, where he was sent to negotiate oil deals on behalf of Maduro’s government. The US charges were conspiracy to commit money laundering tied to a bribery scheme that allegedly siphoned off $350 million through state contracts to build affordable housing. Saab was also sanctioned for allegedly running a scheme that allegedly stole hundreds of millions in dollars from food-import contracts at a time of widespread hunger mainly due to shortages in the South American country.
Hurricane Otis hit the coast of the state of Guerrero on Wednesday as a category 5 storm, causing severe damage, especially in the resort of Acapulco, one of Mexico’s main tourist destinations…reports Asian Lite News
The Venezuelan government sent more than 26 tons of humanitarian aid for those affected by Hurricane Otis ripping through Acapulco on the Mexican Pacific coast, Venezuela’s Deputy Foreign Affairs Minister for Latin America, Rander Pena, said.
“It is an act of solidarity from the people of Venezuela to the people of Mexico after Hurricane Otis,” Pena added on Monday.
Hurricane Otis hit the coast of the state of Guerrero on Wednesday as a category 5 storm, causing severe damage, especially in the resort of Acapulco, one of Mexico’s main tourist destinations.
Accompanied by the Mexican Ambassador to Venezuela, Leopoldo de Gyves, Pena said that the aid consists of food and household goods, as well as search and rescue equipment.
Vice Minister for Risk Management and Civil Protection, Carlos Perez Ampueda, said that the shipment also consists of hospital assistance and supplies for hydration, Xinhua news agency reported.
The Mexican ambassador thanked the Venezuelan government for its solidarity, saying that “this is a very important shipment of goods, medicines and food” for the area affected by Hurricane Otis.
According to official figures, 48 people have been killed by the hurricane so far.
Venezuelan President Nicolas Maduro speaks in a TV address in Caracas, Venezuela, March 16, 2020. (Venezuela's Presidency/Handout via Xinhua/IANS)
The US Treasury Grants Venezuela Oil Export License for Six Months…reports Asian Lite News
Washington has significantly relaxed sanctions on Venezuela’s oil sector, marking a substantial rollback from Trump-era restrictions. This move comes in response to a political agreement between the Venezuelan government and opposition parties regarding the 2024 election.
The US Treasury Department issued a new general license allowing Venezuela, an OPEC member under intense sanctions since 2019, to produce and export oil to its preferred markets for the next six months without constraints.
While US Secretary of State Antony Blinken acknowledged President Nicolas Maduro’s electoral concessions, he specified that the US expected the lifting of bans on opposition presidential candidates and the release of political prisoners and detained Americans by the end of November.
A senior State Department official, on condition of anonymity, told Reuters that sanctions relief measures could be reversed if Maduro fails to take such actions.
These actions by the US are the result of months of negotiations that sought concrete steps towards democratic elections in exchange for the partial lifting of the stringent sanctions imposed during Donald Trump’s presidency.
They also reflect a shift from Trump’s “maximum pressure” approach, signalling increased engagement by President Biden’s administration with Maduro on various issues, according to Reuters report.
Migrants deal
The US and Venezuela have agreed on a plan “to allow the orderly, safe and legal repatriation of Venezuelan migrants” directly to the South American nation in an attempt to curb the record influx of crossings at the US-Mexico border, according to senior administration officials.
Venezuelans who cross the US-Mexico border unlawfully and lack a legal basis to remain in America will be eligible for removal, CNN quoted the officials as saying on Thursday.
Secretary of State Antony Blinken called the new policy “a key piece” of the administration’s approach to migration.
“Under the Los Angeles Declaration, we’re charged with taking coordinated actions to try to stabilize flows, to expand regular pathways, to humanely manage all of our borders,” Blinken said on Thursday at a press conference in Mexico City.
“Repatriations are a key piece to this balanced approach.”
On its part, Venezuela said that “migration in recent years is a direct consequence of the application of unilateral coercive measures and the blockade against our economy”.
Under the agreement, the repatriation program will be activated to provide “the necessary resources for the integral care of our repatriated compatriots, for the strict observance of the protection provided by the Constitution and the laws of the country”.
Venezuelan President Nicolas Maduro speaks in a TV address in Caracas, Venezuela, March 16, 2020. (Venezuela's Presidency/Handout via Xinhua/IANS)
Venezuelan President Nicolas Maduro expressed his government’s “firm, strong and total rejection of the imperialist vision that intends to exclude the peoples of the Americas” from a regional gathering, reports Asian Lite News
Venezuelan President Nicolas Maduro condemned the US for excluding his nation Cuba and Nicaragua from the upcoming Summit of the Americas to be held June 6-10 in Los Angeles.
Maduro expressed his government’s “firm, strong and total rejection of the imperialist vision that intends to exclude the peoples of the Americas” from a regional gathering, reports Xinhua news agency.
The Venezuelan President is currently in Havana for the 21st Summit of the Bolivarian Alliance for the Peoples of Our America-People’s Trade Agreement (ALBA-TCP), which took place Friday.
In contrast to Washington’s handling of the Americas Summit, the ALBA-TCP is inclusive and uniting, and works on issues that impact people’s lives and development in the region, he said.
US-President-Joe-Biden. (Photo: Twitter@POTUS)
“If there is anything truly democratic on this continent, it is ALBA, from the point of view of its debates and the sharing of diversity,” Maduro stressed.
On Thursday, US coordinator of the Americas Summit Kevin O’Reilly reiterated that the governments of Cuba, Nicaragua and Venezuela, all members of ALBA-TCP, had not been invited to participate in the meeting.
8 countries lose vote right to vote at UN due to unpaid dues
Iran and Venezuela are among the eight countries whose rights to vote at the UN have been revoked due to unpaid dues…reports Asian Lite News
In his letter to the General Assembly on Tuesday, UN Secretary-General Antonio Guterres said a total of 11 countries are behind in their payments, Paulina Kubiak, Spokesperson for Abdulla Shahid, President of the 76th session of the UN General Assembly, said at the daily press briefing.
Under Article 19 of the UN Charter, a member state in arrears in the payment of its dues in an amount that equals or exceeds the contributions due for two preceding years can lose its vote in the General Assembly, Xinhua news agency reported.
An exception is allowed if the member state can show that “conditions beyond its control” contributed to this inability to pay. The UN Chief added in his letter that this will be the case for the Comoro Islands, Sao Tome and Principe, and Somalia in 2022.
Iran, Sudan, Venezuela, Antigua and Barbuda, Congo, Guinea, Papua New Guinea and Vanuatu are the eight countries that no longer have the right to vote, according to Guterres letter obtained by Xinhua.
For each of them to recover their vote, the UN Chief outlined the minimum amount they must pay. Iran needs $18.4 million and Venezuela $39.8 million, for instance.
Supreme Court reserves judgment in €1.6bn Venezuelan gold case- Bank of England dragging its foot to give Gold back to Venezuela … reports Asian Lite News
The biggest dispute over the Venezuelan gold deposit in the UK has entered its final crucial phase. The Supreme Court heard the final day of an internationally important appeal arising from the ongoing case regarding the fate of €1.6bn of Venezuelan gold deposited with the Bank of England. Judgment was reserved and will be handed down in due course.
The case raises numerous vital questions of English Constitutional law, with the potential impact being that the UK Government can utilise the threat of recognition of a rival political entity within a state with impunity. As in this case, a potential further impact of this would be the assets held by that state within the Bank of England, or elsewhere in the United Kingdom, being removed from their control with no potential recourse in the English Courts.
This bizarre state of affairs could see countries seeking to remove their assets from the jurisdiction of the English Courts, with uncertainty around any potential future political recognition of a rival Government by the United Kingdom damaging the reputation of the Bank of England as a safe institution in which to store sovereign assets.
Juan Guaid6
The Supreme Court case is between the Board of the Central Bank of Venezuela (BCV) and the “Ad Hoc Administrative Board” set up by Juan Guaid6. The so-called Ad Hoc Administrative Board challenges the authority of the BCV’s Board to deal with BCV’s overseas assets and, after a loss in the Court of Appeal, is seeking to overturn a judgment that found that both the incumbent President Maduro and Mr Guaid6 could be recognised by the UK Government in different capacities.
The BCV, represented by London international litigation boutique Zaiwalla & Co, had filed a claim in May 2020 against the Bank of England in order to access part of the approximately
€1.6bn of Venezuelan gold deposited in London. The BCV wishes to sell approximately €1bn of those foreign reserves so that the proceeds can be transferred directly to the United Nations Development Programme to procure humanitarian aid, medicine and equipment needed to fight the Covid-19 pandemic in Venezuela.
“This case treads a fine line between law and politics,” said Sarosh Zaiwalla, Senior Partner at Zaiwalla & Co., representing the Banco Central de Venezuela. “Mr Guaid6’s legal case seeks to position him as being above the rule of law in both Venezuela and the United Kingdom on the basis of a statement made by the United Kingdom Government. It is absurd that €1.6 billion of a country’s gold held in the UK can on that basis be withheld from the government in control of that state and be given to representatives of Mr Guaid6, who has no control of any apparatus of the state. Such a result would have potentially serious and adverse ramifications for the City of London as a safe place to store sovereign assets.
Sarosh_Zaiwalla
“The simple reality, in this case, is that any ruling upholding Mr Guaid6’s purported appointments if recognised, would fly in the face of reality. His purported appointees have no ability to act on behalf of the Banco Central de Venezuela in any effective way in Venezuela.”
The case was heard by Lord Reed, Lord Hodge, Lord Lloyd-Jones, Lord Hamblen and Lord Leggatt. The Supreme Court heard the Appeal from Mr Guaid6’s side, as well as a Cross-Appeal from the BCV’s Board, and an intervention from the Secretary of State for Foreign, Commonwealth and Development Affairs.
The UK Government’s intervention in this case sought to argue that their recognition of unelected, by the people, Juan Guaid6 as “constitutional interim President of Venezuela” was binding upon the Court, forcing them to treat this as fact. In reality, Mr Guaid6 has no control over the instruments of state in Venezuela, and would have no ability to utilise the assets at stake to help the country’s fight against Covid-19. Furthermore, the European Union which had previously also recognised Mr Guaid6’s claim retracted this at the start of the year when his term as President of the Venezuelan National Assembly ended and, with it, his purported constitutional claim to the Pr esidency.
Furthermore, a result in favour of Mr Guaid6’s representatives would see them placed in charge of the BCV’s international arbitrations based in London, despite them having no influence over the day-to-day management of the Bank nor any ability to have the Bank employees comply with their instructions. Therefore, they would have no ability to comply with the arbitral process, which requires documents to be disclosed and other specific procedures to be followed.
The appeal also discussed the apparent shift in UK policy on international recognition, with a 1980 policy statement arguing in favour of recognising only states, not individuals or governments. Now, it appears that the UK Government is more inclined to utilise the concept of recognition as another weapon in its foreign policy arsenal to influence foreign states. The prevalence of English Law in governing contracts across the world would make such statements incredibly far-reaching.
Zaiwalla & Co is a specialist international arbitration and litigation law firm based in London. The firm regularly acts for international clients on high-value, politically delicate disputes, including having represented Bank Mellat in its successful $4bn damages claim against the UK Treasury for wrongfully imposing sanctions against bank, and advising the Russian Federation in a successful appeal at The Hague against $50bn arbitration awards in favour of the former owners of Yukos. Zaiwalla & Co has also acted for the China National Petroleum Corporation, former Presidents of India and for Sadruddin Hashwani in Jivraj v Hashwani.
Banco Central de Venezuela is represented by Nicholas Vineall QC, Sir Jeffrey Jowell QC, Prof. Dan Sarooshi QC, Brian Dye, Jonathan Miller, Naina Patel and Mubarak Waseem, instructed by Zaiwalla & Co.
The interests of Mr Juan Guaido are represented by Timothy Otty QC, Sir Daniel Bethlehem QC, Andrew Fulton QC, and Mark Tushingham, instructed by Arnold & Porter.
The Secretary of State for Foreign, Commonwealth and Development Office is represented by Sir James Eadie QC, Sir Michael Wood, Jason Pobjoy and Belinda McRae.
