Venezuela's Nicolas Maduro Vows Legal Action Against US Over Oil Sanctions

Inflation rate of 10,000,000% Why this country's president is making headlines

Reuters

"Be on alert, Venezuela!".

Mr Guaido, the opposition leader who proclaimed himself president last week, has ordered congress to appoint new boards of directors to state oil company PDVSA and its USA subsidiary Citgo.

"The Maduro crime family has used PDVSA to buy and keep the support of many military leaders, " the Florida Republican said.

The US is now increasing sanctions on Venezuela, which have already had a crippling effect on its economy and population.

These measure are an attempt to shift control of crude revenues to opposition leader Guaido, Jim Lucier, managing director of Washington, D.C. -based Capital Alpha Partners LLC, said by email.

Top officials in the Trump administration - including the president himself - say "all options are on the table" as speculation swirls over whether the U.S.is planning to take military action in the embattled country. Many opposition leaders have been imprisoned in the South American nation.

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In an apparent effort to minimise negative fallout in the United States, Treasury Secretary Steven Mnuchin said Citgo in the United States would be able to continue to operate provided funds go to a blocked account.

USA military invention is seen in Washington as highly unlikely, but President Donald Trump has repeatedly said "all options are on the table" and notes Bolton held at a Monday briefing containing the words "5,000 troops to Colombia" have raised questions.

The country sends about 40 per cent of its 1.3 million barrels per day of oil exports to the United States, RBC noted.

International Brent crude oil futures rose over 2 percent on Tuesday in reaction.

"Do not travel to Venezuela due to crime, civil unrest, poor health infrastructure, and arbitrary arrest and detention of US citizens", said the advisory, issued Tuesday.

The United States has condemned the Venezuelan election, in which Maduro won another term, as a charade that was neither free nor fair.

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The Kremlin has now warned these sanctions on amounted to illegal and open interference in the Latin American country's domestic affairs.

Oil constitutes close to 90 per cent of Venezuelan exports.

Meanwhile, Russian Deputy Finance Minister Sergei Storchak told Russian state news agencies that "there will probably be problems" for Venezuela in paying its debts.

U.S. Secretary of State Mike Pompeo told members of the U.N. Security Council Saturday to "pick a side" in Venezuela. Venezuela's ambassador, Jorge Valero, said the Trump administration was preparing a "military invasion" and questioned whether Washington had the moral authority to "impose a diktat" on Caracas.

He did not outline any specific steps in support of Maduro's government. He said only that all his talks with heads of state have focused on resolving Venezuela's humanitarian crisis and restoring democracy.

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