WASHINGTON _ The Trump administration is poised to level severe sanctions on Venezuela's oil industry if President Nicolas Maduro takes drastic action such as arresting top opposition leaders or killing protesters following international recognition of the National Assembly leader as the head of state, according to current and former administration officials.
The sanctions under discussion range from a cap on oil purchases from Venezuela to a full embargo. Venezuela sits on the largest oil reserves in the world.
A full embargo on purchasing Venezuelan oil is the strongest tool left in the administration's economic arsenal, but so far officials have been reluctant to take it knowing of the chaos it would unleash on the already-suffering country.
