US targets China’s telecoms grip in Venezuela with new sanctions carve-out
The United States is opening Venezuela’s telecommunications sector to new investment and technology while explicitly excluding Chinese companies, a move that could reshape a market where Huawei and ZTE have become deeply embedded and give Western suppliers an opening as the country expands its 5G networks. The US Treasury Department’s Office of Foreign Assets Control (OFAC) on Friday issued two…
The United States has introduced new sanctions exemptions, specifically targeting Venezuela's telecommunications sector, excluding Chinese companies from participation. This move, by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC), could potentially reshape the market that has become heavily reliant on technology provided by Huawei and ZTE.
The two general licences issued by OFAC aim to ease some restrictions on transactions involving Venezuela's state-owned provider CANTV and mobile operator Movilnet, while explicitly excluding transactions involving entities from China, Russia, Iran, North Korea, and Cuba, as well as those owned or controlled by them. This decision could significantly impact the telecommunications infrastructure of Venezuela, potentially steering the country away from Chinese suppliers like Huawei and ZTE, who have played a significant role in the sector due to U.S. sanctions and compliance concerns.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
