US considers financial sanctions against Venezuela's oil revenue

The United States is considering financial sanctions against Venezuela to restrict the OPEC nation’s oil exports, according to a new report.

The proposed US sanctions would halt dollar payments for Venezuela’s oil, Reuters reported Saturday, citing a senior White House official and an adviser with direct knowledge of the discussions.

Financial sanctions preventing any transaction in US currency by Venezuela are among the various oil-related penalties under discussion by the administration of President Donald Trump, the two sources told Reuters.

The US measures under discussion are similar to those that were imposed by the administration of former President Barack Obama against Iran over its civilian nuclear program, the two US officials said.

The proposed financial sanctions would punish any US firm doing business with Venezuela’s state-run oil firm, PDVSA, or American banks processing any of its transactions in dollars.

The White House is also…

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