Venezuela prepared for reimposition of US sanctions on its oil industry -Minister

Venezuela is prepared for any scenario including the reimposition of U.S. sanctions on its oil exports, Energy Minister Pedro Tellechea said on Tuesday. Washington began reimposing sanctions on Caracas, with the Treasury Department on Monday giving U.S. entities until Feb. 13 to wind down transactions with Venezuelan state-owned gold mining firm Minerven.

Venezuela is prepared for any scenario including the reimposition of U.S. sanctions on its oil exports, Energy Minister Pedro Tellechea said on Tuesday.

Washington began reimposing sanctions on Caracas, with the Treasury Department on Monday giving U.S. entities until Feb. 13 to wind down transactions with Venezuelan state-owned gold mining firm Minerven. The U.S. is also considering not to renew another license to allowing oil exports to freely flow to the market, when the current license expires April 18. The U.S. would also feel the impact of reimposing oil sanctions, Tellechea told reporters.