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Kremlin slams USA sanctions against PDVSA as meddling in Venezuela's affairs

30 January, 2019, 02:56 | Author: Sara Gill
  • Venezuela's Guaido expresses concern over Greek position | News

That's because Venezuela's oil shipments to China and Russian Federation are usually taken as repayment for billions of dollars in debts. Media reports have linked the appointment to a USA encouragement of an upcoming coup to topple Venezuelan President Nicolas Maduro.

Kremlin spokesman Dmitry Peskov said the Kremlin shares the view of the Venezuelan government that the sanctions are "illegal" and sees them as a tool of unfair competition on part of the United States.

Canada, the United States and the Lima Group quickly recognized Mr. Guaido - who was elected president of Venezuela's National Assembly on January 5 - as the interim president, while Russia, China, Turkey and Iran backed Mr.

Guaido rejected accusations from Maduro and others that the U.S.is staging a coup, saying Venezuelan citizens are simply exercising their constitutional rights.

Analysts say a lack of export pipeline capacity means Canada will not be able to boost shipments to take advantage of USA sanctions against Venezuela's national oil company, PDVSA.

The alliance can do this by drawing attention to the ICC's preliminary investigation into alleged crimes committed in Venezuela under the Maduro regime, he said.

"The path to sanctions relief for PdVSA is through the expeditious transfer of control to the Interim President or a subsequent, democratically elected government", Secretary of the Treasury Steven T. Mnuchin said.

Guaidó, leader of the opposition and head of the National Assembly, quickly energized the movement against Maduro.

Venezuela was once a Latin American success story and has the world's largest oil reserves, but has been driven into the ground during years of hardline leftist rule.

Some European oil traders have temporarily stopped dealing with PDVSA while their lawyers weigh whether it's possible for non-U.S. entities to continue buying Venezuelan petroleum without breaking sanctions, according to people familiar with the matter, who asked not to be named discussing internal matters.

Aimed at driving Maduro from power, the sanctions were the strongest measures yet against the 56-year-old former union leader, who has overseen economic collapse and an exodus of millions of Venezuelans in recent years.

PDVSA's US-based subsidiary Citgo will be able to continue operations, as long as its earnings are deposited into a blocked account in the United States.

Since the 1920s, when American prospectors first discovered vast amounts of oil on the shore of Venezuela's Lake Maracaibo, the United States has been the main destination of the country's sole significant export.

The sanctions could cause problems for Venezuela when it comes to servicing its sovereign debt to Russia, which stands at $3.15 billion, Russian Deputy Finance Minister Sergei Storchak told reporters on Tuesday.

Venezuela is very reliant on the USA for its oil revenue.

China believes that Venezuela's affairs must and can only be decided by the its own people, a Chinese Foreign Ministry spokesperson said Friday.



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