The sanctions on Petroleos de Venezuela, SA, or better known as PDVSA, will block 7 billion US dollars in assets and could result in 11 billion dollars in lost sales over the next year, US National Security Adviser John Bolton told reporters at a White House daily briefing on Monday, Xinhua news agency reported.

Washington's new designation came days after it recognised the opposition leader Juan Guaido as Venezuela's interim President, denouncing incumbent President Nicolas Maduro who won the elections last year with over two thirds of the votes