US places sanctions on Venezuela firm over Iran ties

May 24, 2011 17:09

WASHINGTON - The United States will sanction Venezuela's state oil company PDVSA on Tuesday for dealing with Iran in violation of a US ban on such trade, sources briefed on the matter told Reuters.

Deputy Secretary of State James Steinberg was expected to announce the sanctions, which could include tough penalties such as being banned from the US financial system or being denied US contracts, the sources said.

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