U.S. Treasury Department announces sanctions against Venezuelan oil company

Source: Xinhuanet 　　 January 29, 2019

Sinochem New Network News The US Treasury Department announced on the 28th that it imposed sanctions on Venezuelan oil companies.

The U.S. Treasury Department said in a statement that Venezuela’s oil company is a Venezuelan state-owned enterprise and a major source of revenue and foreign exchange for the country. The company’s assets within the United States will be frozen and U.S. citizens may not conduct transactions with it.

The U.S. government announced on the 23rd that it recognizes Juan Guaido, chairman of the Venezuelan parliament and opposition party, as \"interim president\", and said that the United States will continue to exert pressure on Venezuela through economic and diplomatic means. Venezuelan President Maduro announced on the same day that Venezuela officially broke off diplomatic relations with the United States.

In the general elections held in May 2018, Maduro won and was re-elected as President of Venezuela. On the 10th of this month, Maduro was sworn in as the new president of Venezuela. However, some countries such as the United States refused to recognize Maduro’s new term on the grounds of democracy and human rights, and continued to expand sanctions on Venezuela’s economy, finance, and trade.