US slaps new sanctions on Venezuela’s PDVSA



The US government has imposed new sanctions on Venezuela’s state oil company PDVSA, blocking all property and interests of the company in US jurisdiction and prohibiting US persons and companies from engaging in transactions with the company without prior authorisation from the Office of Foreign Assets Control (OFAC).



The new sanctions were issued as an executive order by US President Donald Trump on Monday, and amend previously issued executive orders. 

The executive order adds PDVSA to OFAC’s list of specially designated nationals and blocked persons.

Simultaneously, OFAC issued new general licences authorising certain transactions and activities related to PDVSA and its subsidiaries within specified timeframes.

In a statement, OFAC said the sanctions upon PDVSA need not be permanent, and that it will consider lifting them upon “concrete, meaningful, and verifiable actions to support democratic order and combat corruption in Venezuela”.
 
OFAC also announced that it will soon publish new guidelines in connection with the latest sanctions.

The US government has described the government of Venezuelan President Nicolás Maduro as “illegitimate”. Maduro was sworn-in for a second, six-year term earlier this month following his victory in elections last year that many observers say were fraudulent. Opposition leader Juan Guaidó declared himself interim president on January 23 and has received the support of Washington, as well as the European Union and the Organisation of American States.

Russia, China and Turkey, as well as Cuba and Bolivia, have expressed their support for the Maduro government.