U.S. Hits Venezuela with Sanctions, Targets Oil and Tankers

The United States has imposed new sanctions on Venezuela. The measures target companies and oil tankers linked to the government of President Nicolás Maduro. U.S. Treasury Secretary Janet Yellen announced the move. She accused the Maduro government of using oil profits to support drug trafficking. “We will not allow the illegitimate Maduro regime to profit from exporting oil while it floods the United States with deadly drugs,” Yellen said. The sanctions freeze the U.S. assets of the targeted entities. They also block Americans from doing business with them. The action aims to limit Venezuela's ability to sell its oil on the international market. The U.S. and other nations consider Maduro's 2018 re-election illegitimate. These sanctions are the latest effort to increase economic pressure on his administration.