Rubio praises expected sanctions against Venezuela’s state oil company

Guaido contends Maduro's reelection to a second six-year term was fraudulent

Guaido contends Maduro's reelection to a second six-year term was fraudulent

The move was immediately welcomed by the United States, which urged Maduro to step down and officially recognized Guaido as the country's leader. United States sanctions against Venezuelan Oil Company PDVSA (Petroleos de Venezuela) is blatant illegal intervention, said Russian Presidential Spokesperson Dmitry Peskov on Tuesday.

Russian Federation has kept close ties with Maduro and has extended loans to Venezuela, including oil firm Rosneft lending money to Venezuela's state-held firm PDVSA.

As a lawmaker who heads the National Assembly, Guaido has immunity from prosecution unless ordered by a top court.

Guaido said on Tuesday he did not underestimate the threat of imprisonment but did not believe it was "anything new".

"We are here, we will keep acting and working to confront the humanitarian crisis", he told a news conference in Caracas.

Two weeks after he was inaugurated for a second term this month, Venezuela's opposition-controlled National Assembly declared Maduro's presidency illegitimate. President Maduro was re-elected as president earlier this year but the election was condemned by the US, EU and various other Western powers due to irregularities over scheduling. "The oil belongs to the Venezuelan people, and therefore the money PDVSA earns from its export will now be returned to the people through their legitimate constitutional government".

Some analysts agree with the government's view.

Maduro has denounced USA meddling as an attempted coup and told the Trump administration on Monday to keep its "hands off" Venezuela.

"One simple word: Oil".

Snow squall alert issued for Orillia and area
The National Weather Service has issued a Winter Storm Warning for Lapeer and Sanilac counties from 4 AM Monday until Midnight. Cold arctic air plunges us into the deep freeze Tuesday, Wednesday and Thursday, with readings in the sub-zero range.

There are a handful of United States refineries depend on the oil, but that dependence had recently been reduced, he said.

Secretary of State Mike Pompeo signed off on the order last week for Guaido to control holdings in the Federal Reserve Bank of NY and federally insured banks, the State Department said.

Ms. Freeland's announcement came as U.S. President Donald Trump signed an executive order imposing powerful sanctions on Venezuela's state-owned oil firm, PDVSA.

The move could block about 500,000 barrels a day of USA imports, estimated Brian Scheid from S&P Global Platts.

Lawmakers will be asked to take "the necessary measures to guarantee the greatest transparency and control of the use" of the assets, Guaido added.

Russian Foreign Minister Sergei Lavrov said the sanctions completely undermined confidence in an global financial system that is dominated by the U.S. "China and India might continue to buy crude oil from Venezuela, but in our opinion the country is about to turn into another Libya as it will be harder and harder to operate the oil facilities".

China has lent more than $50 billion to Venezuela through oil-for-loan agreements over the past decade, securing energy supplies for its fast-growing economy.

But he says the expected shortage of heavy crude supply in the US will likely increase prices throughout the North American market, including in Canada.

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