U.S. Sanctions Oil Traders, Targets Venezuela's Financial Lifeline

The United States has imposed sanctions on four oil traders and their companies. The U.S. says these individuals are helping Venezuela sell its oil in violation of international restrictions. This action is Washington's latest move to increase pressure on the government of President Nicolás Maduro. The sanctions aim to limit the money flowing to his administration in Caracas. The Treasury Department named the individuals as Francisco Javier D’Agostino Casado, Alessandro Bazzoni, Philipp Apikian, and Luis Fernando Miraglia. Their companies are based in Europe and Latin America. Sanctions freeze any U.S. assets these targets hold. They also block Americans from doing business with them. This makes global trade much more difficult. Venezuela has vast oil reserves, but its industry has declined. The U.S. and other nations do not recognize Maduro's 2018 re-election as legitimate. These sanctions are part of a broader effort to force a political change in the country.