WASHINGTON -- The United States on Monday slapped sanctions on a state-owned oil firm in Venezuela, said the White House.

The sanctions on Petroleos de Venezuela, S.A., or known as PDVSA, will block $7 billion in assets and could result in $11 billion in lost sales over the next year, US National Security Adviser John Bolton told reporters at a White House daily briefing.

Washington's new designation came days after it recognized 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.