The U.S government has imposed sweeping sanctions on Venezuelan state-owned oil firm PDVSA, the toughest financial measure so far against Venezuelan President Nicolas Maduro, allegedly to prevent Maduro’s government from siphoning off funds from the oil company.
The sanctions were announced to ratchet up pressure against Maduro and demonstrate U.S. support for Juan Guaido, the Venezuelan opposition leader who proclaimed himself interim president last week and was immediately recognized by the United States and a host of other countries.
PDVSA is OPEC nation Venezuela’s largest source of revenue and owns U.S. refining arm Citgo Petroleum, Venezuela’s most important foreign asset.
Reacting to the sanction, Venezuela’s embattled leader Maduro in a live national broadcast, accused the United States of trying to steal U.S refining arm Citgo and said his country would take legal actions in response.
