US hits Venezuela state-owned oil company with sanctions
Washington, Jan 29: The Trump administration imposed sanctions Monday on the state-owned oil company of Venezuela, a potentially critical economic move aimed at increasing pressure on President Nicolas Maduro to cede power to the opposition.
National security adviser John Bolton and Treasury Secretary Steven Mnuchin announced the measures against the company.
They are also aimed at boosting Maduro's rival, opposition leader Juan Guaido, whom the administration recognized last week as Venezuela's legitimate leader.
The sanctions will include a freeze on any assets the firm may have in US jurisdictions and bar Americans from doing business with it.
"The United States is holding accountable those responsible for Venezuela's tragic decline, and will continue to use the full suite of its diplomatic and economic tools to support Interim President Juan Guaido, the National Assembly, and the Venezuelan people's efforts to restore their democracy," Mnuchin said.
"Today's designation of PDVSA will help prevent further diverting of Venezuela's assets by Maduro and preserve these assets for the people of Venezuela. The path to sanctions relief for PDVSA is through the expeditious transfer of control to the Interim President or a subsequent, democratically elected government," he said.
PDSVA is the acronym for the state-owned oil company.
Senator Marco Rubio, a vocal critic of Maduro who has called for such sanctions, welcomed the move even before it was announced.
"The Maduro crime family has used PDVSA to buy and keep the support of many military leaders," Rubio said.
"The oil belongs to the Venezuelan people, and therefore the money PDVSA earns from its export will now be returned to the people through their legitimate constitutional government."
The sanctions will not likely affect consumer prices at the gas pump but will hit oil refiners, particularly those on the US Gulf Coast.
Venezuelan oil exports to the US have declined steadily over the years, falling particularly sharply over the past decade as its production plummeted amid its long economic and political crisis.
The US imported less than 500,000 barrels a day of Venezuelan crude and petroleum products in 2017, down from more than 1.2 million barrels a day in 2008, according to the Energy Information Administration.
Still, Venezuela has consistently been the third- or fourth-largest supplier of crude oil to the United States, and any disruption of imports could be costly for refiners.
In 2017, the most recent year that data were available, Venezuela accounted for about 6 per cent of US crude imports.
Valero and Citgo are among the largest importers of Venezuelan crude.
But Venezuela is very reliant on the US for its oil revenue. The country sends 41 per cent of its oil exports to the US.
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M Chinnaswamy Stadium gets Karnataka govt nod for hosting IPL 2026 matches
Bengaluru (PTI): The Karnataka government on Monday gave formal approval to the Karnataka State Cricket Association (KSCA)and Royal Challengers Bengaluru (RCB) to host the 2026 Indian Premier League matches at the M. Chinnaswamy Stadium, ending months of uncertainty following the stampede after the team's maiden title win.
The 19th edition of the world's biggest T20 league begins on March 28 with defending champions Royal Challengers Bengaluru set to face Sunrisers Hyderabad in their first match here at the M Chinnaswamy Stadium in the tournament opener, as per the schedule.
The formal approval comes after a meeting chaired by Karnataka home minister Parameshwar with the Expert Committee, which was constituted by the state government, and representatives from the KSCA, RCB and their event management firm DNA.
"During the meeting, the Expert Committee presented its report outlining the preparedness and compliance measures undertaken at the M. Chinnaswamy Stadium," KSCA's official spokesperson Vinay Mruthyunjaya informed in a statement.
"Based on the recommendations of the Expert Committee and after reviewing the arrangements in detail, the Hon’ble Home Minister has formally accorded approval for the conduct of the upcoming IPL matches at the iconic M. Chinnaswamy Stadium, Bengaluru."
"The Karnataka State Cricket Association (KSCA) places on record its sincere gratitude to the Hon’ble Home Minister, Dr. G. Parameshwar, for his leadership, guidance and support in facilitating this approval," he added.
Apart from the opening fixture of the upcoming season , the M Chinnaswamy Stadium is also slated to host the RCB Unboxing event as well as the tournament's opening ceremony.
RCB had earlier announced that it would play five of their seven home matches in Bengaluru, while two will be played at Raipur's Shaheed Veer Narayan Singh International Cricket Stadium.
The KSCA also expressed its gratitude towards the members of the Expert Committee.
"Our special thanks are also due to Shri Sreemant Kumar Singh, Member Secretary of the Expert Committee and Commissioner of Police, Bengaluru, for his proactive coordination and for ensuring that all safety, security and operational aspects were comprehensively evaluated,” the release said.
"KSCA further expresses its sincere appreciation to all the distinguished members of the Expert Committee and the officials associated with the Expert Committee and its sub-committees, whose careful assessment and constructive recommendations have been instrumental in enabling this important decision."
