Trump Administration Slaps Sanctions On Venezuela’s State-Owned Oil Company

Venezuelan President Nicolas Maduro attends a 'Vow of Loyalty event at the Ministry of Defense in Caracas, Venezuela, on May 24, 2018. MUST CREDIT: Bloomberg photo by Wil Riera.

The Trump administration slapped sanctions on Venezuela’s state-owned oil company on Monday – a move that will ratchet up pressure on embattled President Nicolas Maduro but could increase gas prices for American consumers.

American companies can continue to purchase Venezuelan oil but any revenue will go into “blocked accounts,” so Maduro’s regime cannot access that vital stream of funds, Treasury Secretary Steven Mnuchin told reporters at the White House on Monday.

Mnuchin said the administration will try to make the oil revenue available to Venezuela’s opposition leader, Juan Guaido. Trump recognized Guaido as the legitimate president of Venezuela last week and pressured Maduro to relinquish power.


Read more at USA Today.




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