https://uk.reuters.com/article/us-venezuela-politics-usa-sanctions/u-s-sanctions-venezuela-state-oil-firm-escalating-pressure-on-maduro-idUKKCN1PM2DP, 28 January 2019.

Matt Spetalnick, Brian Ellsworth – Washington/Caracas (Reuters).- The Trump administration on Monday imposed sweeping sanctions on Venezuelan state-owned oil firm PDVSA, aimed at severely curbing the OPEC member’s crude exports to the United States and at pressuring socialist President Nicolas Maduro to step down.

Russia, a close ally of Venezuela, denounced the move as illegal interference in Venezuela’s affairs and said the curbs meant Venezuela would probably have problems servicing its $3.15 billion sovereign debt to Moscow.

Minutes before the sanctions announcement, Juan Guaido, the opposition leader who proclaimed himself interim president last week with U.S. backing, said congress would name new boards of directors to the company and its U.S. subsidiary, Citgo.

Investors say banks have halted PDVSA trading after U.S. sanctions

Guaido, supported by the United States and most countries in the Western Hemisphere, says Maduro stole his re-election and must resign to allow new, fair polls.

Maduro, in a live national broadcast on Monday, accused the United States of trying to steal U.S. refining arm Citgo Petroleum, the OPEC member’s most important foreign asset, which also manages a chain of U.S. gas stations. He said Venezuela would take legal actions in response.

In the first sign of serious retaliation, three sources with knowledge of the decision said PDVSA had ordered customers with tankers waiting to load Venezuelan crude bound for the United States to prepay for the cargoes or they will be authorized to fill the vessels or leave the ports.