US moves to ‘control’ $7 billion in assets in Venezuela

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National security adviser John Bolton speaks as Treasury Secretary Steven Mnuchin listens during a press briefing at the White House, Monday, Jan. 28, 2019, in Washington. EVAN VUCCIAP PHOTO

Chevron Corporation, Halliburton, Schlumberger Limited, Baker Hughes and Weatherford International are authorized through a general license to continue operations in Venezuela until July 27, 2019. 

28 Jan 2019 |BY FRANCO ORDOÑEZ, NORA GÁMEZ TORRES, AND ALEX DAUGHERTY| McClatchy DC

The Trump administration slapped new sanctions Monday against Venezuela’s state-owned oil company in its latest effort to push out President Nicolás Maduro and install new leadership under National Assembly chief Juan Guaidó.

“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,” national security adviser John Bolton told reporters at the White House.

The sanctions prevent any dealings by PDVSA with U.S. companies unless under special conditions. Treasury Secretary Steven Mnuchin said any sales to the United States would go into a blocked account that would be inaccessible to the Venezuelan government. Mnuchin said that if Guaidó succeeds in forming a government, the money would go to him.

Venezuela’s oil sector accounts for as much as 70 percent of the Maduro government’s income. The new sanctions cut most of that off, blocking the majority of oil sales to the United States in stages.

 

Original Link: Trump hits Venezuela’s Nicolas Maduro in pocketbook

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