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U.S. sanctions Venezuela on links with Iran. Chavez will retaliate.


U.S. President Barack Obama hit Venezuela and its state-oil company PDVSA with sanctions for sending Iran two tankers of oil in defiance of U.S. sanctions against Iran.

There is a risk of escalation of the conflict between U.S. and Chavez.

If Chavez decides to keep sending the occasional oil tanker to Iran, or PDVSA carries out a plan to invest in an Iranian natural gas project, Obama could come under pressure to take substantive action, possibly excluding PDVSA from the U.S. financial system which would affect debt, or in the worst-case scenario, limiting imports from Venezuela.

Meanwhile, Chavez is due to reveal what action, if any, Venezuela will take in retaliation possibly…READ MORE HERE