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.
BREAKING: US officials announce that the US has hit Venezuela’s state-owned oil company with sanctions, diverting “any purchases of Venezuelan oil by US entities” into blocked accounts effective immediately. https://t.co/3hCNIwKCeI
— NBC News (@NBCNews) January 28, 2019
Bolton just announced U.S. sanctions against PDVSA, Venezuela’s state-owned oil monopoly, totaling $7 billion in assets blocked pic.twitter.com/QaQT0IU0OP
— TicToc by Bloomberg (@tictoc) January 28, 2019
Secretary Mnuchin, White House’s John Bolton announce that the U.S. has sanctioned Venezuela state-owned oil firm PDVSA https://t.co/zLGHNorlgr
— CNBC Now (@CNBCnow) January 28, 2019