US sanctions Venezuela to pressure president
Print Edition
The United States has imposed sanctions on a state-owned oil firm in Venezuela, the latest move by the Trump administration to mount pressure on President Nicolas Maduro to cede power to the opposition.
The sanctions on Petroleos de Venezuela, S.A., or PDVSA, announced Monday, will block US$7 billion in assets and could result in a loss of US$11 billion in sales next year, US National Security Adviser John Bolton told a White House briefing.
Washington鈥檚 tough sanctions against Venezuela came days after it recognized the opposition leader Juan Guaido as interim president, denouncing incumbent President Nicolas Maduro who won the elections last year with over two thirds of the votes.
The US Treasury described PDVSA as 鈥渁 primary source of Venezuela鈥檚 income and foreign currency鈥 in a statement released later in the day, saying that the blacklist could help 鈥減revent further diverting of Venezuela鈥檚 assets by Maduro.鈥
As a result of the Treasury鈥檚 action, all property and interests in property of PDVSA subject to US jurisdiction are blocked, and US citizens are generally prohibited from engaging in transactions with them.
In an effort to mitigate impact of the designation, US Treasury Secretary Steven Mnuchin, who also attended the White House briefing, told reporters that oil supplies were sufficient to guarantee only a 鈥渧ery modest鈥 effect on US gas prices in the short term.
In Monday鈥檚 statement, the Treasury also declared that the path to sanctions relief is 鈥渢hrough the expeditious transfer of control to the Interim President or a subsequent, democratically elected government.鈥
Guaido argues that Maduro usurped the presidency on taking office for a second six-year term on January 10 following a May 2018 election considered fraudulent by the opposition.
The US Treasury has been issuing general licenses that authorize certain transactions and activities related to PDVSA and its subsidiaries within specified time frames.
The US, Brazil and some other countries have recognized Guaido鈥檚 presidency, with US President Donald Trump warning that 鈥渁ll options are on the table.鈥
Maduro, in response, announced the severing of 鈥渄iplomatic and political鈥 ties with the United States. Washington later said that it would conduct diplomatic relations through the government of the 鈥渋nterim president.鈥
Mnuchin also said the United States will 鈥渃ontinue to use the full suite of its diplomatic and economic tools to support鈥 Guaido, who is also the head of the National Assembly.
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