US imposes sanctions on subsidiary of Russia's Rosneft over Venezuela

The United States on Thursday imposed sanctions on another subsidiary of Rosneft, ramping up pressure on the Russian state oil giant that the Trump administration has said provides a financial lifeline to Venezuelan President Nicolas Maduro.

The US Treasury Department blacklisted TNK Trading International, a Swiss-based unit of Rosneft. Washington last month blacklisted Rosneft Trading SA, another subsidiary of Rosneft, over accusations it had actively evaded US sanctions and propped up the Venezuelan oil sector.

"TNK Trading International S.A. is another Rosneft subsidiary brokering the sale and transport of Venezuelan crude oil, which is subject to sanctions," Treasury Secretary Steven Mnuchin said in a statement.

The United States imposed harsh sanctions on Venezuela in early 2019, in an effort to oust socialist President Nicolas Maduro, whose 2018 re-election was called a sham by most Western countries.

The Latin American country's oil exports have dropped by one-third since then, but more than a year on, Maduro remains in power, backed by Venezuela's military as well as Russia, China and Cuba.

Frustrated by the socialist leader's grip on power, the Trump administration has increased pressure on Venezuela's oil industry in recent weeks.