US sanctions PDVSA, next few months critical

The decision by the US to impose sanctions on Venezuela’s state-owned oil company, PDVSA, will lead to a large loss of export earnings in the next few months. If Maduro can cling on to power during this time (perhaps by securing loans from China and Russia), he may be able to ride this out until oil exports can be diverted elsewhere. But this looks a tall order. Political change is close.

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