The Trump administration on Monday announced devastating sanctions against Venezuela in an effort to pressure President Nicolás Maduro to step aside — as the country’s opposition leader vowed to take control of the oil-rich country.
National security adviser John Bolton said penalties would be imposed on Venezuela’s state-owned oil company as President Trump recognized self-proclaimed interim President Juan Guaidó as the country’s legitimate leader.
While announcing the hefty sanctions, Bolton did not rule out the use of military force as a means to oust Maduro.
“The president has made it clear that all options are on the table,” Bolton told reporters in the White House briefing room. “We also today call on the Venezuelan military and security forces to accept the peaceful, democratic and constitutional transfer of power.”
The levies target Venezuela’s state-owned energy company Petroleos de Venezuela (PDVSA) — the country’s largest source of revenue. They are expected to block $7 billion in assets and cost the country $11 billion in lost exports during the next year, according to the Wall Street Journal.
The powerful company has long been rife with corruption, hampered by mismanagement and used as a piggy bank by former President Hugo Chávez. The company’s US subsidiary is Citgo.
Treasury Secretary Steven Mnuchin said the sanctions would prevent the nation’s oil money from being diverted to Maduro, adding that the punishing measures would be lifted after Maduro cedes power.
The measures came as Guaidó, who has wide international support, declared himself interim president.
The 35-year-old lawmaker also promised to take over the government’s foreign accounts in order to prevent Maduro’s flailing government from raiding the assets.
“We want to prevent the usurper and his gang from scraping the bottom of the barrel and continue stealing Venezuelans’ money,” Guaidó said Monday.
Guaidó pledged to appoint a new board of directors to the state oil company while adding that all staff at the company should remain at their jobs.
The actions took place as hundreds of opponents of Maduro were arrested during the quest to remove him from power.
Maduro, however, refused to order Guaidó’s arrest, perhaps heeding the Trump administration’s warning that harming him would be crossing a dangerous line with the United States.
Any actions taken against Guaidó would be considered a “grave assault” that “will be met with a significant response,” Bolton had warned.
With wires