WTI Crude

Loading...

Brent Crude

Loading...

Natural Gas

Loading...

Gasoline

Loading...

Heating Oil

Loading...

Rotate device for more commodity prices

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

White House Approves Fresh Sanctions On Venezuela

Trump

The White House approved new sanctions against President Nicolas Maduro’s regime on Friday, making it harder for Venezuela’s embattled government to secure funds as Caracas spirals towards a default.

U.S. President Donald Trump signed the executive order, which prevents American financial institutions from offering new funds to Venezuela or to its state oil company, PDVSA. The oil firm’s U.S. subsidiary, Citgo, will also be barred from repatriating profits – further isolating Caracas from international financial markets.

"These measures are carefully calibrated to deny the Maduro dictatorship a critical source of financing to maintain its illegitimate rule, protect the United States financial system from complicity in Venezuela's corruption and in the impoverishment of the Venezuelan people, and allow for humanitarian assistance," Washington said in a statement.

A senior official from the White House told the AP that Maduro’s regime could be relieved of the sanctions if it halts its plans to rewrite the Venezuelan constitution, releases dozens of political prisoners, and negotiates fairly with its political opposition.

"The economic measures the U.S. government is preparing will worsen Venezuela's economic situation," Maduro told foreign journalists earlier this week, adding that he would enact measures to shield ordinary Venezuelans from the worst effect of the sanctions. Maduro’s regime issued no immediate statement regarding the new restrictions.

Venezuela is currently undergoing a humanitarian crisis with medications and daily supplies in scarcity. In its heyday, Caracas used oil revenues to import almost all staple and luxury goods for its citizens, but a severe shortage in funds due to three years of low oil prices has caused the shipments to stop. Instead, Venezuela opens its border with neighboring Colombia from time to time to allow citizens to purchase life-saving medical goods and other needed items.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Peter Novak on August 28 2017 said:
    The article maces it sound as if the primary culprit of the Venezuela's economic demise are the low crude prices.

    As if the wonderful aspects of Socialism had nothing to do with it.

    The fact is that the world's biggest proven oil reserve was in deep dooodooo long before the prices crashed, and their production has been declining for decades . . . .

    No, make no mistake in blaming the oil price - it is yet another example of the greatness of Marxist theories.
  • Dan on August 27 2017 said:
    Yes Goldman was exempt from the sanctions on the debt they hold. Just Goldman?
  • Jadra Maljevic on August 26 2017 said:
    Another country as a target on US government list . So sad to see all effort to destroy world by this government . Us citizens are nice hard working ppl . However their government is worst than any other known to humankind. And all for oil and gold . Venezuela was 3 oil producer in the world . And if trump says he cares about ppl ?? Than send food etc . Sunctions and military does not helps . Actually kills ppl . I am so upset and powerless to change anything. But at least I want to show that I am not brain washed by all this bull sh..
  • Rudolph on August 26 2017 said:
    Citgo is 49% owned by Russia. Sanctions against Russia could prevent Citgo from purchasing substitutes for Venezuelan heavy crude. The best option may be to sell Citgo.
  • Amvet on August 26 2017 said:
    The problem in Venezuela is just another US supported regime change. Imports of food and medicine were stopped to bring down the Venezuelian government.
  • Tom on August 26 2017 said:
    When the army gets hungry they will put Maduro's head on a stick.
  • Naomi on August 25 2017 said:
    Venezuela would be wealthy if not for two things: the people and the government.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News