U.S. government establishes sanctions to PDVSA, Venezuelan State petroleum

On Monday, January 28th, the United States signed economic sanctions to PDVSA (Petróleos de Venezuela). The U.S. oil purchase money will be transferred to blocked accounts.

According to the Secretary of the United States Treasury, Steve Mnuchin, about $7 billion were blocked in state assets. Still according to Mnuchin, this measure will prevent Maduro from disusing the resources of PDVSA.

Venezuelan oil exports to the U.S. have been dropping for a few years. Despite this, Venezuela still occupies between the third and fourth place among the largest oil suppliers in the U.S. state.

For Russia, the sanctions decreed against state-owned Venezuela are illegal and intend to defend their interests and invest there. The Russian country had already invested billions in Venezuelan fuels and weaponry.

This strategy used is somewhat risky and unusual, because the blockade of oil resources and the assets of the state abroad can entail legal and financial implications for the countries involved.

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