The US hit sanctions on the oil sector of Venezuela

“We will continue to use all available means to deprive the illegitimate Maduro regime of sources of income and to provide interim President Guaido and the people of Venezuela with the resources and support they need to restore democracy in Venezuela,” Bolton wrote.

Earlier, the US imposed sanctions against the Venezuelan state oil company PDVSA. Bolton said then that the US would block $ 7 billion in PDVSA assets ” plus more than $ 11 billion in lost export earnings.”

At the same time, Finance Minister Steven Mnuchin explained that the us administration will issue temporary licenses that will allow “some transactions” with PDVSA. In addition, the Venezuelan company “daughter” — the oil refining operator Citgo Petroleum in the United States — will be able to continue to work under the conditions that the money received by it will not be sent to PDVSA, but will remain on blocked accounts in the United States. According to Mnuchin, Citgo is the property of “Venezuela and the real leaders of the country”.

PDVSA is the largest source of income in Venezuela and owns the US oil refining company Citgo Petroleum, Venezuela’s most important foreign asset. The US officials said that sanctions against PDVSA are aimed at preventing the government of Nicolas Maduro to pump out funds from the oil company.

On the same day, the head of the Venezuelan National Assembly, Juan Guaido, who declared himself acting President, announced the upcoming change of leadership of the national oil company PDVSA and its American division Citgo. Guido ordered to start the procedure of taking control of foreign assets in Venezuela.

Author: Flyn Braun
Graduated from Cambridge University. Previously, he worked in various diferent news media. Currently, it is a columnist of the us news section in the Free News editors.
Function: Editor