US Issues New Venezuelan Sanctions, Adding 5 People to List - Treasury Dept.

Previously, S&P Global Platts reported that the oil market would lose 370,000 barrels of crude oil per day due to the US sanctions against Venezuela.

"Treasury continues to target officials who have helped the illegitimate Maduro regime repress the Venezuelan people", a statement issued on Friday read.

According to the US Treasury, the new sanctions target Venezuela's Oil Minister Quevedo Fernandez and four other individuals close to President Nicolas Maduro, including the head of the Venezuelan National Intelligence Service (SEBIN) and the commander of the Presidential Guard.

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The political crisis in Venezuela erupted in late January after the leader of the opposition-led Venezuelan National Authority, Juan Guaido, proclaimed himself the interim president. The United States and other countries have called Maduro's government "illegitimate" and backed Guaido, calling for a new vote. In addition, Washington has imposed numerous rounds of sanctions on Caracas, also seizing assets of the Latin American state.

Russia, Turkey, and China, as well as several other countries, have refused to support the opposition leader, backing Maduro as the country's legitimate president.