US Imposes Sanctions On Venezuelan State Oil Firm PDVSA

The Trump administration on Jan. 28 imposed sweeping sanctions on Venezuelan state-owned oil firm PDVSA, the toughest U.S. financial measure so far against Venezuelan President Nicolas Maduro.

The sanctions were announced to ratchet up pressure against Maduro and demonstrate U.S. support for Juan Guaido, the Venezuelan opposition leader who proclaimed himself interim president last week and was immediately recognized by the United States and a host of other countries.

“We have continued to expose the corruption of [Venezuelan President Nicolas] Maduro and his cronies and today’s action ensures they can no longer loot the assets of the Venezuelan people,” U.S. national security adviser John Bolton told reporters at a White House briefing.