US has announced tough sanctions on Venezuela's oil industry, cutting off President Maduro's main source of income.

Venezuela's economy has been in crisis for years with skyrocketing hyperinflation forcing millions of people to flee the country.

In a bid to remove President Nicolas Maduro from office, the US has now imposed sanctions on Venezuela's state oil company, blocking seven billion dollars in assets and recognising opposition leader Juan Guaido as the interim president.

Washington has called on the military, which is so far standing by Maduro, to accept a peaceful transfer of power and warned of consequences if not.

How far will Washington go to change the government in Caracas?

Presenter: Richelle Carey

Guests:

Jairo A Lugo-Ocando - Director of executive education and graduate studies at Northwestern University in Qatar

Charles Shapiro - Former US ambassador to Venezuela

Diego Moya-Ocampos - Principal analyst for country risk at IHS Markit in the Americas team

Source: Al Jazeera News