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Chavez cosies up to China amid US sanctions

US sanctions on Venezuela, for supplying fuel to Iran, will have little practical impact as the country forges closer ties with rapidly developing Asian markets

The US had imposed sanctions on Venezuela’s state-owned PdV for delivering at least two shipments of refined petroleum products, worth $50 million, to Iran. PdV is one of seven shipping and oil companies accused of supplying fuel to the Islamic republic in defiance of a US embargo intended to pressure Iran to “comply with its international obligations” to abandon its nuclear development programme. Venezuela reacted angrily, calling the sanctions acts of “new gringo aggression". But, in reality, they will have little practical effect. The sanctions don’t directly affect Citgo, PdV’s US-based, 750,000 barrels a day (b/d) refining business, or prevent Venezuelan oil exports to the US. They do

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