China condemns US over Venezuela sanctions

By Fuat Kabakci

BEIJING (AA) - China on Tuesday condemned the U.S. after Washington blacklisted Venezuela's state-owned oil and natural gas company.

China opposes unilateral sanctions, Geng Shuang, Foreign Ministry spokesman, told a regular news conference in the capital Beijing.

On Monday, the U.S. announced restriction on Venezuela’s PDVSA as it continues to ramp up economic and diplomatic pressure on Venezuelan President Nicolas Maduro.

The sanctions on the oil and natural gas company PDVSA are expected to block $7 billion in assets and result in $11 billion of lost export revenue over the next year, National Security Advisor John Bolton told reporters at the White House.

Historical experiences showed that foreign interference “only makes situations more complicated,” Geng warned.

“The relevant countries’ sanctions on Venezuela,” Geng said, “will lead to the deterioration of conditions of people’s lives” in the South American country.

These countries “should bear responsibility for the serious consequences for this,” he added.

China and Venezuela are important partners on economy and trade, he said.

The U.S.’ economic salvo comes after opposition-led National Assembly leader Juan Guaido self-declared himself interim president of the country last week under articles 333 and 350 of the Venezuelan Constitution.

The U.S., Canada and many Latin American nations were quick to recognize Guaido's claim as Maduro quickly lashed out, calling on Washington to withdraw its diplomats from Venezuela.

Russia and China both opposed the U.S. call to support Guaido, and condemned any international interference in the affairs of Venezuela. Turkey and Iran have also put their weight behind Maduro.

The sanctions imposed Monday will only be lifted if Maduro cedes power to a new government, the U.S. administration warned.

Venezuela's economy relies heavily on petroleum revenues, and while U.S. imports of Venezuelan crude have declined over the past decade, Caracas remains among the top five oil exporters to the U.S.