National security adviser John Bolton and Treasury Secretary Steven Mnuchin announced the U.S. would impose sanctions on PDSVA Monday – including freezing assets in the U.S. and imposing restrictions on Americans from doing business with the company. It’s a move aimed at increasing pressure on President Nicolas Maduro to step down after the U.S. recognized opposition leader Juan Guaidó as interim president last week.
What’s the wider impact? Disruption of imports could hit refiners financially, although costs are not expected to reach consumers at the pump.
Read OZY’s special briefing on Venezuela on the brink.