Economics
U.S. Sanctions on PDVSA Look Like a De Facto Oil Import Ban
- Restrictions on Venezuela probably felt beyond U.S. borders
- China, India may become the buyers of last resort for Caracas
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The U.S. government’s decision to impose sweeping sanctions on Venezuela’s state oil company appears to be, in essence, a ban on selling the country’s crude to the U.S -- and potentially across the world.
The Trump administration sanctioned Petroleos de Venezuela SA and the country’s central bank on Monday, the latest move to raise pressure on President Nicolas Maduro after the U.S. recognized opposition leader Juan Guaido as interim president.