US sanctions on oil-rich Venezuela appear to be taking hold, resulting in mile-long lines for fuel in the nation's second-largest city, Maracaibo.
MARACAIBO, Venezuela — U.S. sanctions on oil-rich Venezuela appear to be taking hold, resulting in mile-long lines for fuel in the South American nation's second-largest city, Maracaibo.
Russ Dallen, a Miami-based partner at the brokerage firm Caracas Capital Markets, said Sunday that stiff U.S. sanctions on top of decaying refineries has begun to hit home. The U.S. sanctions essentially cut off Maduro's government from its Houston-based subsidiary Citgo, depriving officials of an estimated $11 billion in hard currency from exports this year. U.S. officials say this cash flow long bankrolled what they call Maduro's"dictatorship."
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Vast gasoline lines form in oil-rich VenezuelaU.S. sanctions on oil-rich Venezuela appear to be taking hold, resulting in mile-long lines for fuel in the South American nation's second-largest city, Maracaibo.
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