The US has imposed sanctions on Venezuela's state-owned oil company PDVSA to severely restrain its crude exports and put pressure on president Nicolas Maduro to step down. The move follows the announcement by Juan Guaido proclaiming himself interim president, with support from the US, and will see proceeds of sales to the US deposited into a "blocked account. Venezuela is also facing an economic crisis as it struggles under hyperinflation that hit more than 500% last year. Oil that has already been paid for at sea will not be affected.
The US has imposed sanctions on Venezuela's state-owned oil company PDVSA to severely restrain its crude exports and put pressure on president Nicolas Maduro to step down. The move follows the announcement by Juan Guaido proclaiming himself interim president, with support from the US, and will see proceeds of sales to the US deposited into a "blocked account." PDVSA has responded by ordering US-bound customers to prepay for Venezuelan crude, though it's US subsidiary, Citgo, will be allowed to continue importing Venezuelan oil to its US refineries. Oil that has already been paid for at sea will not be affected.