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US announces sanctions against Venezuela's state oil company PDVSA US announces sanctions against Venezuela's state oil company PDVSA
(35 minutes later)
Washington has imposed sanctions against the Venezuelan state oil company PDVSA, seizing $7 billion in assets, Treasury Secretary Steven Mnuchin announced. Washington has imposed sanctions against the Venezuelan state oil company PDVSA, seizing $7 billion in assets, Treasury Secretary Steven Mnuchin said. The US is trying to force recognition of Juan Guaido as president in Caracas.
The US is trying to force recognition of Juan Guaido as president in Caracas. Munchin said that the move is to “to help prevent the further diversion” of assets by “former president Maduro.”
Munchin said that the move is to “to help prevent the further diversion” of assets by “former president Maduro.”  Sanctions will be lifted upon the “expeditious transfer of control to the interim president, or the subsequently democratically elected interim government,” he added.
He called "expeditious transfer of control to the interim president, or the subsequently democratically elected interim government" a conditions for lifting the sanctions. “We know what the legitimate government of Venezuela is, and it is our mission to make reality what the people of Venezuela want,” National Security Adviser John Bolton chimed in, standing next to Mnuchin during the briefing at the White House on Monday.
“We know what the legitimate government of Venezuela is, and it is our mission to make reality what the people of Venezuela want,” John Bolton, National Security Adviser, chimed in standing next to Munchin during the briefing at the White House. In addition to $7 billion in PDVSA assets in the US, the sanctions will affect $11 billion worth of exports over the coming year, Bolton said.
DETAILS TO FOLLOW Washington immediately recognized Guaido as the head of the state after he declared himself interim president last week. US allies in the region and in Europe supported him as well.
The US buys a significant amount of Venezuelan oil, but Mnuchin said the sanctions would have "modest effect" on American refineries. He added that some of the oil that's been paid for is at sea, making its way to the US, but there will be no future purchases until regime change takes effect.
Citgo will continue operating in the US, but all profits from its sales will have to go into a blocked account, which will only be made available to Guaido's government, the Treasury secretary explained.
“These are valuable assets we’re protecting for the benefit of the Venezuelan people,” Mnuchin argued. 
As part of the ongoing push to oust Maduro and replace him with Guaido, the Bank of England has already refused to release $1.2 billion worth of Venezuelan gold to Caracas.
Asked what the US options were if the Venezuelan military remains loyal to Maduro, Bolton said that a number of high-ranking officers, as well as rank and file, are in “significant contacts” with the US-backed regime of Juan Guaido.
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