The U.S. Imposes Sanctions on Venezuela's State Oil Company

The United States imposed sanctions on Venezuela's state oil company, known as PDVSA, on Monday. According to the Associated Press, this action is seen as part of the intensified pressure on Nicolás Maduro, the president whose legitimacy has been questioned. John Bolton, the White House National Security Advisor, and Steve Mnuchin, the U.S. Treasury Secretary, announced the sanctions at a joint press conference. Bolton told reporters, "We will continue to expose Maduro's corruption and that of his associates, and today's action is to ensure that the assets of the people of Venezuela will no longer be looted." Maduro rejected an international deadline for new elections. Mnuchin stated that these sanctions aim to prevent further transfer of resources from this crisis-stricken country until power is transferred to a transitional or democratically elected government. The Treasury Secretary emphasized that the United States will hold accountable those responsible for the tragic decline of Venezuela and will continue to use its full range of diplomatic and economic tools to support interim President Juan Guaidó, the National Assembly, and the efforts of the Venezuelan people to restore democracy in the country. U.S. officials say that Monday's sanctions will cut Maduro's access to revenue from oil sales. Bolton noted that these sanctions will block $7 billion of the assets of Venezuela's state oil company and $11 billion from future oil sales next year. However, Mnuchin said that Citgo, a subsidiary of Venezuela's state oil company, can continue its operations as long as its revenues are deposited into a blocked account in the United States. Citgo is a large chain of gas stations in the U.S. owned by Venezuela's state oil company. Mnuchin also stressed that the supply of oil products in the U.S. market is sufficient and there are no concerns about shortages in this regard. Bolton added that assessments indicate that Venezuelan military officials are aware of the dire economic situation and are looking for ways to support the National Assembly government. Meanwhile, Reuters reports that Venezuelan military commanders have so far stood by Nicolás Maduro, and no signs of a rift among them have been observed. In contrast, Juan Guaidó, the head of the Venezuelan parliament and Maduro's rival, urged the military to support the people and asked soldiers not to shoot at them. The Venezuelan government is supported by Russia, Iran, Turkey, Syria, China, Cuba, and Bolivia. The number of countries that have declared their support for Guaidó, including those in Europe and the Americas, is significantly higher, with Australia joining them on Monday.