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White House sanctions Venezuela's oil

Jan 29, 2019 - The Seattle Times

WASHINGTON - The Trump administration Monday sanctioned Venezuela's state-owned oil company, ratcheting up pressure on socialist President Nicolás Maduro to cede power to the U.S.-backed opposition in the oil-rich nation in South America.

The action means Maduro's embattled government would lose access to one of its most important sources of income and foreign currency along with around $7 billion in assets of the state-owned company, Petroleos De Venezuela S.A.

Hours after the Whit...