Trump administration imposes sanctions on PDVSA

The Trump administration is imposing sanctions on Venezuela's state-run oil company, saying it wants to preserve the assets for the Venezuelan people.

National Security Advisor John Bolton said Monday Venezuelans have had enough of oppression and economic hardship caused by President Nicolas Maduro and his regime.

"Today's action ensures they can no longer loot the assets of the Venezuelan people," he said.

The sanctions will freeze any assets the state-owned PDVSA has in the United States. U.S. firms and citizens are barred from doing business with it.

PDVSA's U.S.-based subsidiary, Citgo, which refines Venezuelan oil and sells Citgo brand gasoline in the U.S., will continue to operate as usual. But any money Citgo earns will be placed in a blocked account.

Efforts by the opposition to unseat Maduro have increased in recent days.

The US and more than 20 countries have recognized opposition leader Juan Guaidó as interim president.

Venezuela is heavily reliant on the US for its oil revenue - sending 41% of its oil exports there - while it remains in the top four crude oil suppliers to the US.

"We have continued to expose the corruption of Maduro and his cronies and today's action ensures they can no longer loot the assets of the Venezuelan people," Bolton said.

The US action blocks all PDVSA property and interests subject to US jurisdiction and prohibits US citizens from engaging in transactions with them.

The collapse of world energy prices, corruption, and failed socialist policies have created an economic and humanitarian crisis in oil-rich Venezuela.

Food, fuel, and medicine are in extremely short supply. Inflation is out of control. Millions of Venezuelans have fled the country, and Maduro has shown little tolerance for opposition-led protests.

Maduro has blamed his country's woes on the United States, which he accuses of working with the opposition to topple the government.

He has called world leaders who want him gone "Trump sycophants."