Today, and I'll turn the podium over to Steven Mnuchin for this purpose, we're going to announce sanctions against Petroleos de Venezuela, or PDVSA, as it's known by its Spanish acronym, the state-owned oil monopoly. We have continued to expose the corruption of Maduro and his cronies.
And today's action ensures they can no longer loot the assets of the Venezuelan people. We expect that Secretary Mnuchin will go into this in more detail. Today's measure totals $7bn in assets blocked today plus over $11bn in lost export proceeds over the next year.
Today, Treasury took action against Venezuela's state-owned oil company PDVSA to help prevent the further diversion of Venezuela's assets by former President Maduro. The United States is holding accountable those responsible for Venezuela's tragic decline. We will continue to use all of our diplomatic and economic tools to support Interim President Guaido, the National Assembly, and the Venezuelan people's efforts to restore their democracy. The path to sanctions relief for PDVSA is through the expeditious transfer of control to the interim president or a subsequent democratically elected government who is committed to taking concrete and meaningful actions to combat corruption.
