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Then on May 24, the State Department imposed sanctions for the first time against Petroleos de Venezuela (PDVSA), the state owned oil company for "deliver(ing) at least two cargos of reformate (a hydrocarbon product for gasoline) to Iran between December 2010 and March 2011, worth approximately $50 million."
They "prohibit the company from competing for US government procurement contracts, from securing financing from the Export-Import Bank of the United States, and from obtaining US export licenses."
They don't apply to PDVSA subsidiaries (including US-based CITGO) or prohibit crude oil exports to America. In 2010, according to US Energy Information Administration data, Venezuela was America's fifth largest supplier after Canada, Mexico, Saudi Arabia, and Nigeria. In fact, Venezuela has the world's largest oil reserves, including its heavy and extra-heavy oil.
Deputy Secretary of State James Steinberg called sanctioning PDVSA a "clear message" to companies violating America's 1996 Iran and Libya Sanctions Act (ILSA), renamed the Iran Sanctions Act (ISA) in 2006, now the 2010 Comprehensive Iran Sanctions, Accountability and Divestment Act (CISADA), warning they'll "face serious consequences."
The action came a day after Obama signed an Executive Order, authorizing new sanctions on Iran, as well as giving the State and Treasury Departments more latitude in targeting companies dealing with its energy sector.
Hard-line Rep. Connie Mack (R. FL), Western Hemisphere Subcommittee Chairman, said Washington "needs to move quickly to cut off Chavez's source of revenue, and bring to an end both his influence in Latin America and his dangerous relationship with the terrorist-supporting Iranian regime before it's too late."
Along with extremist Rep. Ileana Ros-Lehtinen (R. FL) and Jeb Bush (former FL governor and Bush family member), Mack got President GHW Bush (in 1990) to pardon Orlando Bosch's criminal downing of Cubana flight 455 with Luis Posada Carriles, killing all 78 passengers on board.
As part of their hard-line agenda, Ros-Lehtinen and Mack now wage war on Chavez, failing in 2008 to designate Venezuela "a state sponsor of terrorism" through HR 1049.
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