The Trump administration will sanction Venezuela's state-owned oil firm, Petroleos de Venezuela, a move the White House has long put off for fear that it would raise oil prices and hurt American refiners.
Confirmation of the administration's intent to sanction the company, better known as PDVSA, came from Sen. Marco Rubio after Axios earlier reported the impending actions.
"The Maduro crime family has used PDVSA to buy and keep the support of many military leaders," Rubio said in a statement. "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."
This is a breaking news story. Please check back for updates.
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