The US has imposed sanctions on Venezuela’s state-owned oil firm PDVSA after the country’s president, Nicolás Maduro refused to step down. Nicolás Maduro is currently facing fierce demonstrations against his authority, with opposition leader Juan Guaido also swearing himself in as president last week. Donald Trump’s administration quickly stated that they recognised Guadio as interim president, followed by more than 20 other countries including Brazil and Canada.
National Security Adviser John Bolton said today that Maduro and his allies could ‘no longer loot the assets of the Venezuelan people’. The proceeds of the purchase of Venezuelan oil would now be withheld from Maduro’s government, Treasury Secretary Steven Mnuchin said.