Move cuts off Venezuela’s main cash source
The U.S. government announced sanctions on Venezuela’s PDVSA today, marking a major increase in the administration’s pressure campaign against Maduro’s regime.

While the U.S. has sanctioned many individuals involved in Venezuela’s government, it has historically been reluctant to directly sanction PDVSA. This reluctance is largely because, despite the diplomatic hostility between the two countries, the U.S. and Venezuela are major trade partners when it comes to oil.

The U.S. imported an average of 505 MBOPD from Venezuela in 2018, making it America’s fifth-largest source of crude oil. The U.S. is Venezuela’s main cash source, providing 75% of the country’s revenue from oil shipments. While Vene...

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