Venezuela oil minister, PDVSA head to switch roles, Maduro says

Venezuela oil minister, PDVSA head to switch roles, Maduro says

Venezuela oil minister, PDVSA head to switch roles, Maduro says

The executive order signed by Trump bars USA institutions from buying new debt issued by the Venezuelan government or from the state-owned oil company Petróleos de Venezuela SA, or PDVSA.

The Wall Street Journal reported late Tuesday that the United States was considering temporarily prohibiting USA -regulated banks from trading in Venezuelan debt as part of its effort to crack down on President Nicolas Maduro for his role in creating a pro-government superbody with wide-ranging powers.

They also restrict the Venezuelan oil giant's US subsidiary, Citgo, from sending dividends back to Venezuela and ban trading in two bonds the government recently issued to circumvent its increasing isolation from Western financial markets.

Del Pino, who has been with PDVSA for 30 years, forged joint ventures geared toward producing heavy oil in the Orinoco belt and offshore gas in recent years, but these projects have fallen short of full implementation.

"This week the first cargo of Russian wheat - the best in the world - will arrive", Maduro told the press at a conference in Caracas broadcast by the state television channel, VTV.

He said the sanctions were crafted to strike a balance between targeted efforts aimed at cutting Maduro's ability to raise new money while also allowing some exceptions to ensure ordinary Venezuelans are not afflicted.

These sanctions, in other words, are not an oil embargo.

Parallel to the sanctions, the Treasury Department has issued licenses to certain transactions "to mitigate the damage to the American and Venezuelan people" and the trade of crude oil is one of them. They also exempt transactions with PDVSA's US subsidiary, Citgo.

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The measures would "deny the Maduro dictatorship a critical source of financing to maintain its illegitimate rule", the White house claimed.

Maduro is already struggling to combat widespread shortages and triple-digit inflation as oil production has tumbled to its lowest level in more than two decades.

Trump had on August 11 issued a surprise threat to Maduro, warning that the U.S might intervene in the chaos enveloping the South American country.

The president told reporters last month that US military action in Venezuela is a possible option.

Earlier this week Vice President Mike Pence vowed the U.S. would not allow "the collapse of Venezuela", saying such an event would "endanger" countries in the wider region.

The senior administration official called on the Maduro regime to hold free and fair elections, respect the National Assembly, and release political prisoners.

The sanctions are "uncivilised politics" and Venezuela is "a victim of fake news" that exaggerates the extent of its economic crisis, Foreign Minister Jorge Arreaza said at the United Nations in NY.

During his press conference, Maduro also announced his plans to visit Russian Federation in order to continue discussions on Venezuela's Orinoco Mining Arc and stabilizing the price and the growth of oil and gas investments. In May, it imposed sanctions on eight members of the Supreme Court, including its president.

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