Oil Markets Escape Venezuela Sanctions For Now

Oil Markets Escape Venezuela Sanctions For Now

U.S. oil markets had a muted reaction on Monday after Washington slapped sanctions on Venezuelan President Nicolas Maduro but experts say broader oil-sector and financial sanctions may be the only way to make the Venezuelan government feel economic pain.

The move came after Sunday’s vote creating a new legislative superbody with the power to dissolve state institutions such as the opposition-run Congress. Countries around the world denounced the vote while Washington called it a “sham.”

All of Maduro’s assets subject to U.S. jurisdiction were frozen, and Americans are barred from doing business with him, the U.S. Treasury Department said. Read More…

 

Credit By : ET Energy World

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