The US Announces Sanctions Against Venezuela's State-Owned Oil Company

Updated: Jan 30, 2019

The US Secretary of Treasury, Steve Mnuchin, and the National Security Advisor, John Bolton, announced on Monday that the US would impose sanctions against PDVSA, an oil company owned by Venezuela.

“We have continued to expose the corruption of Maduro and his cronies, and today’s action ensures that they can no longer loot the assets of the Venezuelan people,” said John Bolton “Today’s measure totals $7 billion in assets blocked today plus over $11 Billion in lost export proceeds over the next year.”

The sanctions are meant to target Nicholas Maduro and show support for Juan Guaidó, who recently declared himself President of Venezuela. Maduro claims Guaidó is not the true President of Venezuela. The world is divided on who the real President of Venezuela is. Countries such as America, Canada, Australia, and Israel recognize Guaidó as the President. Meanwhile, Russia, China, Cuba, and Turkey recognize Maduro as the true President.

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