The Trump administration on Monday (January 28) imposed sweeping sanctions on Venezuelan state-owned oil firm PDVSA, aimed at severely curbing the OPEC member's crude exports to the United States and at pressuring socialist President Nicolas Maduro to step down.
Minutes before the announcement, Juan Guaido, the Venezuelan opposition leader who proclaimed himself interim president last week with US backing, said congress would name new boards of directors to the company and its US subsidiary, Citgo.
Guaido, supported by the United States and most countries in the Western Hemisphere, says Maduro stole his re-election and must resign to allow new, fair polls.
The Trump administration sanctions stopped short of banning US companies from buying Venezuelan oil, but because the proceeds of such sales will be put in a "blocked account," PDVSA is likely to quickly stop shipping much crude to the United States, its top client.
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