US is reimposing oil sanctions on Venezuela, officials say

The U.S. will not renew a license set to expire on Thursday that had broadly eased Venezuela oil sanctions, moving to reimpose punitive measures in response to President Nicolas Maduro’s failure to meet certain election commitments, senior U.S. officials said.

Just hours before the deadline, the U.S. Treasury Department announced on its website that it had issued a replacement license giving companies 45 days to “wind down” their business and transactions in the OPEC country’s oil and gas sector.