Anonymous ID: 90f1a0 May 26, 2021, 4 p.m. No.13761306   🗄️.is đź”—kun

Venezuela’s Maduro receives harsh economic blow from an unlikely source: China

 

A recently approved Chinese tax might translate into a severe economic blow to the Nicolás Maduro regime by almost doubling the importing cost of the oil that Venezuela sells in violation of the U.S. sanctions, analysts said.

 

The Chinese government is set to start collecting the $30 to $40 per barrel tax on June 12, in a step announced as an environmental measure that penalizes the imports on the part of private refineries of the dirty and extra heavy so-called bitumen mix, sold mostly by Iran, Canada and Venezuela.

 

China for years has been a major creditor to the Venezuelan regime, providing in the last few years more than $54 billion in loans, of which the South American country still owes more than a third.

 

But immersed in the worst economic crisis in its history and isolated by economic sanctions from the United States and other countries, the regime has failed to fulfill its commitments.

 

“Venezuela has not been a good ally, while the Chinese have been. Venezuela has not been paying China the enormous debt they have with them, nor have they even tried to get to some point where they can begin to service the debt,” said Russ Dallen, president of the investment firm Caracas Capital.

 

https://www.miamiherald.com/news/nation-world/world/americas/venezuela/article251670568.html