Yo el supremo?

28 January 2019 By Martin Langfield Follow @martinlangfield

Uncle Sam is sanctioning state oil firm PDVSA in a bid to spur regime change. President Maduro’s woeful record has united much of the hemisphere in demanding his ouster. But a U.S. history of regional meddling means the Trump administration must avoid arrogance to retain allies.

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The administration of President Donald Trump imposed sweeping sanctions on Jan. 28 on Venezuelan state-owned oil firm PDVSA. The sanctions aimed to ratchet up pressure on President Nicolás Maduro and demonstrate U.S. support for Juan Guaidó, the opposition leader who proclaimed himself interim president last week and was immediately recognized by the United States and many of its allies.

PDVSA is Venezuela's largest source of revenue and owns U.S. refining arm Citgo Petroleum, the Organization of the Petroleum Exporting Countries member’s most important foreign asset. U.S. national security adviser John Bolton said the sanctions would block $7 billion in PDVSA's assets and cost the country "over $11 billion in lost export proceeds over the next year.”

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