Treasury Imposes Sanctions On Venezuelan State Oil Firm

The U.S. has imposed sanctions on Venezuela's state oil company, Petroleos de Venezuela (PDVSA), reports the Treasury Dept. 

The measures block about US$7 billion in assets and could result in US$11 billion in losses over the next year, National Security Adviser John Bolton said on Monday in a press conference announcing the sanctions, as reported by CNN.

The sanctions immediately entered effect, said Treasury Secretary Steve Mnuchin.

Money used to purchase Venezuelan oil by U.S. entities would flow into blocked accounts set aside for Venezuela's legitimate leaders, said Mnuchin. 

Monday's announcement is not a full embargo, which the Trump administration was reportedly considering. 

The sanctions are the largest punitive measurement taken by Washington amid escalating tensions and growing humanitarian concerns in Venezuela.

Caracas expelled U.S. ambassadors after Washington recognized Juan Guaido as the country's interim leader last week. 

Bolton again urged the Venezuelan military to support a broad coalition against President Nicolas Maduro.

On Tuesday, Russia and China criticized the newly announced sanctions, reported CNBC. Both countries have backed Maduro.