US Imposes Sanctions On Venezuela’s State Oil Giant

The Wall Street Journal reports:

The U.S. imposed sanctions against Venezuela’s state-oil giant Petróleos de Venezuela S.A. on Monday in an effort to cripple President Nicolás Maduro’s government and empower an opposition leader.

President Trump’s national security adviser John Bolton said the actions will block $7 billion in assets and cost the country $11 billion in lost exports during the next year. Treasury Secretary Steven Mnuchin said that the sanctions will have minimum effect on U.S. refineries doing business in the area.

The move came after President Trump last week took on Venezuela’s leftist authoritarian leader by recognizing Juan Guaidó, the 35-year-old head of the National Assembly, as the country’s legitimate head of state.