US Treasury Imposes Sanctions on Mexican Cartel Accused of Fuel Theft
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Article content(Bloomberg) — The US Treasury added Mexico’s Santa Rosa de Lima Cartel to its sanctions list, blaming the criminal group for fuel theft that undercuts global energy markets.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe group operates near a refinery run by state oil company Petroleos Mexicanos, or Pemex, in Guanajuato state, stealing fuel from pipelines to sell on a black market that spans the US, Mexico and Central America, according to the Treasury’s Office of Foreign Assets Control. Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentTreasury Secretary Scott Bessent said Wednesday the US was “aggressively” cutting off criminal groups from the US financial system. Article contentArticle content“Mexican cartels steal billions of dollars from Pemex, fuel rampant violence and corruption across Mexico, and undercut legitimate oil and natural gas companies in the United States,” the Treasury Department said in a statement.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentThe Santa Rosa group competes for control of the illicit fuel business with the Jalisco New Generation Cartel, a more prominent criminal group which the US designated a foreign terrorist organization earlier this year.Article contentThis particular type of theft — groups siphoning fuel directly from pipelines — is a more traditional form of robbery that has plagued Pemex, consistently leading to annual losses. But the smuggling of gasoline and diesel has become more sophisticated, and in recent months a related tax-evasion scheme has implicated members of Mexico’s navy. Article contentPresident Claudia Sheinbaum’s administration has recouped what it estimated to be close to $11 billion in tax revenue from its crackdown on different kinds of fuel theft. Mexican authorities have arrested over a dozen people in association with the tax-evasion scheme and seized illegal fuel, including 2.6 million gallons from an oil tanker in Tampico in March and 4 million gallons in a bust in Coahuila state in July.Article contentFollowing US Secretary of State Marco Rubio’s visit to Mexico in September, the US and Mexico agreed to further actions against fuel theft, along with broader security efforts against the drug trade.Article contentTrending 'Why let one person in the States change your life?' For Canadian snowbirds, the stay or go dilemma gets complicated Real Estate Canada's population declines for the first time since the pandemic News Is a $2.75 million portfolio enough for Halifax empty nesters to retire early?
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Personal Finance World watches as Ottawa's bullish shift on LNG puts wind at the back of two major projects Oil & Gas Expect 'dramatically higher' oil prices in 2026, says Eric Nuttall Oil & Gas