Trump threatens to slap 'very serious' sanctions on buyers of Venezuelan crude

Washington is looking to step up pressure on Venezuela and target those purchasing its oil, US President Donald Trump says, promising that the measures may come "in the not too distant future."

"There could be very serious sanctions," Trump said at a news conference in New Delhi on Tuesday, when asked whether he would allow Indian companies to purchase Venezuelan oil from third parties.

After a reporter asked Trump to elaborate on the looming restrictions, the US president said that his administration is "right in the middle of doing something" and that the results will be seen "in a little while." He also noted that Washington is closely following the situation in the country and doesn't like the developments there.

The US has targeted the South American nation with multiple rounds of sanctions, including its vital oil sector, while trying to oust Venezuelan President Nicolas Maduro.

Earlier in February, the Trump administration blacklisted a subsidiary of Russian oil major Rosneft, Rosneft Trading, over its trade ties with Venezuela. Moscow and Caracas condemned the move, saying that it amounted to unfair competition. The Russian oil company also slammed the sanctions as illegal, saying that all of its operations in Venezuela were fully compliant with international law.

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