We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Venezuelan President Nicolas Maduro AP/PA Images

US imposes sanctions on Venezuela's state oil company in bid to increase pressure on President Nicolas Maduro

Washington wants to “hold accountable those responsible for Venezuela’s tragic decline”.

THE UNITED STATES has imposed sanctions on Venezuela’s state oil company PDVSA in the latest effort to ramp up pressure on the country’s embattled President Nicolas Maduro.

Treasury Secretary Steven Mnuchin said the sanctions prevented Maduro from diverting more resources from the crisis-damaged country until control in Caracas could be transferred to an interim government or new democratically elected government.

However, Mnuchin said PDVSA’s US-based subsidiary Citgo would be able to continue operations, as long as its earnings were deposited into a blocked account in the United States.

Washington “is holding accountable those responsible for Venezuela’s tragic decline”, Mnuchin announced at the White House.

President Donald Trump last week immediately recognized Venezuela’s self-proclaimed president Juan Guaido, sparking a standoff with Maduro.

“We call on our allies and partners to join the United States in recognising interim president Guaido and blocking Maduro from being able to access funds.”

Citgo “will be able to continue to operate provided that any funds that would otherwise go to the oil company instead will go into a blocked account in the United States”.

The latest sanctions on PDVSA, which has been a “vehicle for corruption” will help prevent “further diverting of Venezuela’s assets by Maduro and preserve these assets for the people of Venezuela,” Mnuchin said.

“The path to sanctions relief for PDVSA is through the expeditious transfer of control to the interim president or a subsequent, democratically elected government.”

The United States will issue temporary licenses to ensure US, Caribbean and European refineries that rely on Venezuelan crude can keep buying PDVSA oil but he said many had been taking steps to find other sources.

- © AFP 2019

Your Voice
Readers Comments
This is YOUR comments community. Stay civil, stay constructive, stay on topic. Please familiarise yourself with our comments policy here before taking part.
Leave a Comment
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.

    Leave a commentcancel