Sanctions on Venezuela’s Oil Company Just a Start

Ray Walser / May 31, 2011

With considerable prodding from Congress—especially from the new Republican majority in the House—the Obama Administration and Department of State announced on May 24 that it is placing Venezuela’s national oil company Petróleos de Venezuela (PDVSA) on its list of companies sanctioned for their work in helping expand Iran’s petroleum and gasoline production.

The action followed PDVSA’s sale of $50 million in petroleum products in late 2010. Venezuelan President Hugo Chavez, moreover, has not backed down on his promise to supply Iran with 20,000 barrels of gasoline per day. (more…)