Venezuela: U.S. oil sanctions come into effect

As of Sunday 28 April, U.S. sanctions are effective in an attempt to block Venezuela’s lifeline of oil exports.

The United States will take action against anyone who deals with the state-controlled Petroleos de Venezuela (PDVSA) or any other entity in which PDVSA holds more than a 50% stake. The sanctions aim to pile on pressure on President Nicolás Maduro.

The action comes after a series of steps taken by the US Administration in the last three months to topple Maduro and install opposition leader Juan Guaido as the new President of Venezuela.

The U.S. has been Venezuela’s PDVSA largest customer. To date, the Latin American country exported 500,000 barrels a day to the United States through ownership of the Citgo refining and fuel station chain. Washington also made a move to put Citgo under the control of Guaido, who already appointed his own board.

“There is no doubt that the sanctions are in force and that any company – including the US financial system – assumes bigger risks than they did before this date,” a Washington-based international law expert from Venezuela, Mariano de Alba, expressed to The Manila Times.

The Trump Administration also announced that it would block any US assets of Foreign Minister Jorge Arreaza.