Chinese Defense Firm Defies US Sanctions, Imports Venezuelan Oil To Offset Debt

China defies US sanctions against Caracas to ship Venezuelan oil as part of a deal to offset billions of dollars of debt to Beijing.

According to Reuters, since November 2020, the Chinese defense firm, China Aerospace Science and Industry Corp (CASIC), has been carrying Venezuelan crude on three tankers it acquired that year from state-owned company PetroChina.

The three CASIC tankers loaded in Venezuela with their transponders active, allowing third-party tracking. So far, the Chinese firm has taken 13 cargoes carrying a total of nearly 25 million barrels of oil. With two more tankers arriving in China next month.