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US Sanctions on PDVSA Look Like a De Facto Oil Embargo

30 January, 2019, 02:54 | Author: Lawrence Cooper
  • Venezuela's Guaido expresses concern over Greek position | News

The Venezuelan opposition leader challenging Nicolas Maduro's claim to the presidency says he has spoken with U.S. President Donald Trump.

Guaido, the National Assembly leader, invoked the constitution and declared himself interim leader pending a new election. "The oil belongs to the Venezuelan people, and therefore the money PDVSA earns from its export will now be returned to the people through their legitimate constitutional government". "Be on alert, Venezuela!".

Washington's tough sanctions against Venezuela came days after it recognized the opposition leader Juan Guaido as interim president of the Latin American country, denouncing incumbent President Nicolas Maduro who won the elections previous year with over two thirds of the votes.

Irwin Cotler, a former Canadian justice minister who now sits on the Organization of American States panel investigating alleged crimes against humanity in Venezuela, said the Lima Group should use its coming meeting to find ways to pressure the Venezuelan military to support Mr. Guaido. "So even though today's announcement applies to PDVSA's dealings with USA persons, the oil sanctions have much broader application".

The move to recognize Guaido by these European powers followed similar recognition by Argentina, Brazil, Chile and Colombia last week.

The disputed president Nicolás Maduro is still clinging on to power and has broken diplomatic ties with the US government.

US military invention is seen in Washington as highly unlikely, but President Donald Trump has repeatedly said "all options are on the table" and notes Bolton held at a Monday briefing containing the words "5,000 troops to Colombia" have raised questions.

International Brent crude oil futures rose over 2 percent on Tuesday in reaction.

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Since the 1920s, when American prospectors first discovered vast amounts of oil on the shore of Venezuela's Lake Maracaibo, the United States has been the main destination of the country's sole significant export.

"The US has. publicly taken a course toward illegal regime change", he said Tuesday.

"In this case, this is a continued line on undisguised interference in the internal affairs of Venezuela", the Kremlin spokesperson said. Venezuela is among the world's largest heavy crude oil producers.

In Spain, state-owned shipbuilder Navantia said it has called back four Spanish technicians from Venezuela who were readying for final delivery a navy patrol ship sold 14 years ago to the Venezuelan government.

But Venezuela is very reliant on the US for its oil revenue.

Russian Federation has accused Washington of trying to usurp power in Venezuela and warned against military intervention.

The loss of revenue from the United States, the No. 1 buyer of Venezuelan crude, was sure to further hamper the government's ability to import basic goods like food and medicine, exacerbating a humanitarian crisis that has prompted more than 3 million people to flee the hyperinflation-stricken country in recent years.

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