The U.S. Trump administration announced new sanctions against Venezuela's state owned oil company, blocking the majority of oil sales to the United States in stages, reports the Miami Herald. The sanctions represent one of the most significant economic moves against Nicolás Maduro's government, which obtains as much as 70 percent of its income from the oil sector. The move will immediately block access to $7 billion of PDVSA assets, and cost an estimated $11 billion in export proceeds over the coming year.