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Venezuela planning to remove US officials from state-run oil company

ANI  |  US 

Venezuela's state-run company Petroleos de (PDVSA) on Saturday announced that it is planning to confiscate American officials, members of the board of directors at the company's subsidiary located in the United States, Petroleum Corp, sources confirmed Al Jazeera.

The decision by came after reported of facing financial problems and plunging exports following the imposition of tough sanctions on the company by the Donald Trump-led US government, on Friday.

The sanctions were imposed so that the Maduro government in may not get access to the revenues and profits garnered by the company, reported.

The sanctions, however, has pushed many in the South American nation further on the verge of a humanitarian crisis.

Venezuela's to the US, the biggest source of profit for the Maduro regime, fall by 40 per cent last week as assets were frozen and tankers filled with from remained stranded on the borders of the

"We can't charge, we can't receive money. Our finances are paralyzed," Reinaldo Quintero, of the Venezuelan Oil Chamber -- an group that represents the country's 500 biggest companies, was quoted as saying.

"There will be major collateral damage," Quintero added.

But amid the crisis, relief was offered by Russia's state-run company Rosneft, which stated to increase its output in Venezuela irrespective of the US sanctions.

Meanwhile, has said that the sanctions were imposed to topple the Maduro regime that has been holding on to the power in the country, despite warnings to call for re-elections in the country.

The US and the has accused of Venezuela of violating human rights and recognized Juan Guaidó, who announced himself as the interim of Venezuela last month, as the legitimate of the State.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, February 10 2019. 04:24 IST