Steve Ellner

"The sanction that prohibits Citgo from remitting profits to Venezuela... means that the Venezuelan government is being deprived of approximately $1 billion a year. But in addition to that, the sanctions also stipulate that Venezuela practically cannot refinance its foreign debt, which is something logical that any country facing a difficult economic situation would do. The sanctions prohibit U.S. financial institutions from having any transaction, any interaction with the Venezuelan government and the Venezuelan state oil company, PDVSA...in addition to that, there is a major impact in terms of discouraging commercial and financial interests throughout the world from any kind of transaction with Venezuela.... And that translates into a situation in which the U.S. government, and specifically Steven Mnuchin, the secretary of the treasury... has created a situation in which commercial interests throughout the world are afraid to have anything to do with Venezuela. That amounts to virtually... an economic blockade."