The latest set of sanctions is meant to punish the government of President Nicolás Maduro as it moves to rewrite the country’s constitution and consolidate his power. To that end, the sanctions seek to exclude the Venezuelan government from the United States’ economy, including its markets and capital, and to make sure the U.S. does not assist the Maduro government.
But Citgo, an oil refiner, retailer and transporter based in the United States and owned by the government’s Petróleos de Venezuela, will get to operate largely as normal.
The White House statement announcing the sanctions framed the Citgo exemption as an attempt "to mitigate harm to the American and Venezuelan people."
Petroleum imports and exports are also exempt, a nod to the significant petroleum trade between the United States and Venezuela.