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Traders Are Rebranding Venezuelan Oil to Bypass Sactions ...Middle East
More than $1 billion worth of Venezuelan oil has been sold in China as Brazilian over the past 10 months, Reuters has reported, citing cargo tracking data and industry sources who wished to remain unnamed. The rebranding of the crude has cut transportation costs for Venezuelan crude and facilitated U.S. sanction circumvention, the report noted. Before, traders resorted to ship-to-ship transfer at sea to mask the crude but now they have taken to manipulating vessels’ location signals to make it look like they are travelling from Brazilian…
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