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Venezuela’s oil trades have slowed down as a result, and it seems unlikely that most nations other than China, Cuba, and Iran will be affected come Thursday; those three in particular already have to deal with various economic sanctions from the U.S.

And Israel doesn’t even justify the raw materials ban on security grounds; rather, it is “part of the policy Israel calls ‘economic sanctions’ or ‘economic warfare’, and which human rights organizations call ‘collective punishment,'” Gisha writes.

In other words, they saw this deal not just as a revival of the old Black Sea Grain Initiative they pulled out of in 2023, but also an opportunity to roll back a significant number of economic sanctions.

The US is a major buyer of Venezuelan oil, as a result of exemptions from economic sanctions granted to US oil firm Chevron.

However, Trump unilaterally pulled the US out of the accord in 2018 and reinstated crippling US economic sanctions.