This site has been critical of U.S. Treasury sanctions towards PDVSA / Venezuela. We have argued that, as implemented, sanctions were akin to a haphazard siege: cut access to main / back entrances, leave all other entry points open. We have reported how, despite sanctions, PDVSA hasn’t stopped trading its crude, assisted by a never ending queue of operators who are not American, i.e. do not have to observe / comply with Treasury sanctions. A lot of money has been made on the back of sanctions.