Venezuela’s Maduro hits back after US slams sanctions on state-owned oil company

Embattled Venezuelan president Nicolas Maduro has wasted no time in hitting back after the United States imposed sweeping sanctions on state-owned oil firm, in a move aimed at pressuring Maduro to leave power.

Reacting to the sanctions, Maduro on Monday vowed to take action, calling the sanctions “criminal” and accused Washington of robbing Venezuelans of oil riches that rightfully belonged to them.

“I have given specific instructions to the head of PDVSA to launch political and legal action, in US and international courts, to defend the property and assets of Citgo,” Maduro said on state television.

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Reports say the sweeping measures by the US on Petroleos De Venezuela SA (PDVSA) are expected to block $7bn in assets and result in $11bn of lost export revenue over the next year.

The sanctions by the US comes after Maduro rejected an eight-day ultimatum issued by the European Union to call for fresh elections.

Maduro also followed the rejection of the ultimatum by the EU by meeting members of the armed forces where he monitored the display of military hardware.

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