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Sanctions have been placed on Venezuela's state-owned oil firm

Posted: 2:50 PM, Jan 28, 2019
Updated: 2019-01-28 21:04:47Z

The United States is no longer putting off sanctions for Venezuela's state-owned oil firm, Petroleos de Venezeula, after fears doing so will cause oil prices to rise.

Sanctions were put in place Monday, after turbulence in Venezuela has created a standoff over who is leading the country. Socialist dictator Nicolas Maduro believes he is in charge, while President Donald Trump says he recognized Juan Guaido as the leader of Venezuela.

The oil firm sanctions mean Maduro and his allies may "no longer loot the assets of the Venezuelan people," said U.S. National Security Adviser John Bolton.