U.S. Imposes Sanctions on Venezuela’s Oil Industry
Actions aimed at crippling President Maduro’s government and empowering an opposition leader
Treasury Secretary Steven Mnuchin outlined new U.S. sanctions against Venezuela's state oil giant Petroleos de Venezuela S.A. on Monday, in a move to cripple Nicolás Maduro's government and empower opposition leader Juan Guaidó. Photo: Getty Images
The U.S. imposed sanctions on Venezuela’s state-owned oil giant in a dramatic move designed to empower the opposition and cripple the government of President Nicolás Maduro by preventing the proceeds of U.S. crude sales returning to Caracas.
The sanctions on Petróleos de Venezuela SA, the South American country’s main exporter, are the culmination of a two-year pressure campaign, and are an attempt to funnel income from the country’s biggest revenue generator into the hands of opposition leader Juan Guaidó.
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