​US gives time for Venezuela sanctions compliance

The Trump administration is granting U.S. companies more time to comply with sanctions barring transactions with Venezuela's state-run oil company.

The Treasury Department says that firms have until May 10 to wind down and close their business with PDVSA.

PDVSA was hit with U.S. sanctions on Jan. 28 in a step that caught some American companies by surprise. The sanctions had the effect of stranding several oil tankers at and near Venezuelan ports because their cargoes were unable to be legally paid for.

Treasury said Friday the extension will allow certain financial contracts agreed upon before Jan. 28 to be completed.

© 2019 The Canadian Press