On Jan. 28, the United States Treasury Department enacted heavier sanctions on Venezuela's oil sector. The intent of the sanctions is to force political and military elites in the United Socialist Party of Venezuela (PSUV) to recognize head of the National Assembly Juan Guaido as interim president of the country. The sanctions bar people and companies subject to U.S. jurisdiction from doing business with state energy company Petroleos de Venezuela (PDVSA) or investing and operating in the country's oil sector. The sanctions, similar to those imposed in November 2018 on the sale and purchase of Venezuelan-mined gold, will significantly complicate PDVSA's ability to operate. The Treasury Department also increased sanctions pressure by trying to divert revenue from PDVSA's refining arm, Citgo, to the opposition. Citgo is a private company that imports and refines Venezuelan oil in the United States. It will continue to operate in the United States as long...
