Russian companies may face risks in Venezuela

The Economy Sanctions      Yes More PDVSA Sanctions—This Is What They Mean
       By James Bosworth

The Economy Sanctions Yes More PDVSA Sanctions—This Is What They Mean By James Bosworth

Maduro's comments were published on Wednesday as the fight for control of Venezuela escalated with the government preparing an investigation into self-declared interim president Guaido, and new street protests planned.

Maduro said he is prepared to hold negotiations with the USA -backed opposition and added he would support early parliamentary elections, he made the remarks during an interview with RIA Novosti. There was no immediate response from Maduro's government.

Russian Federation is one of the staunchest supporters of Mr Maduro and has offered to mediate.

Speaking earlier outside the National Assembly, Guaido said he is aware of personal risks, but added, "Venezuela is set on change, and the world is clearly conscious of what's happening".

Venezuelan opposition leader and self-proclaimed interim president Juan Guaido talks to the media before a session of the Venezuela's National Assembly in Caracas, Jan. 29, 2019.

The company would not allow the opposition to take control of its USA refinery unit Citgo, Venezuela's key foreign asset, he said. "Americans should not travel to Venezuela until further notice".

Maduro made the offer Wednesday during an interview with Russia's RIA news agency, saying he is willing to sit down at the negotiating table "for the good of Venezuela".

Maduro, in turn, blasted the move as a coup staged by Washington and said he was severing diplomatic ties with the US.

Market participants remained anxious about global economic growth, which has shown signs of slowing amid a trade dispute between the United States and China, the world's two biggest economies. Millions of Venezuelans have fled the country, and Maduro has shown little tolerance for opposition-led protests.

But he says the expected shortage of heavy crude supply in the US will likely increase prices throughout the North American market, including in Canada.

"If the people in Venezuela want to continue to sell us oil, as long as the money goes into blocked accounts we will continue to take it".

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The court move came after United States national security adviser John Bolton warned that the Maduro government would face "serious consequences" if Mr Guaido is harmed.

Not many believe the Venezuelan factor will be a big deal for oil prices.

In 2017, the most recent year that data were available, Venezuela accounted for about 6 percent of USA crude imports.

The White House's measures to freeze PDVSA's United States assets - including proceeds from oil exports - and limit the company's transactions are an attempt to largely cut off Mr Maduro's access to oil revenue, which accounts for most of the country's income in hard currency.

"Once more we'll come out victorious", said Maduro, who wore a green cap and shirt before rows of troops.

International Brent crude oil futures rose over 2 percent on Tuesday in reaction.

Colombia borders Venezuela and its government has sided with the opposing Maduro.

But the United States is Venezuela's largest crude importer, ahead of India and China.

Storchak said Venezuela owes Russian Federation $3 billion, and has repayments twice a year of around $100 million, with the next due in March.

The president said that he would like them to support the dialogue in Venezuela. Venezuela was put on the highest US level advisory, a list that also includes Syria, Afghanistan, and Iraq.

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