The sanctions generally block the firm and its president from operating in global financial markets.
The sanctions imposed on Rosneft Trading - the toughest in the U.S. Treasury's arsenal - make it effectively untouchable to worldwide companies, including shipowners, insurers and banks.
While he said no individual action will bring an end to Maduro's control, he added that it's "a very significant step, and I think you will see companies all over the world in the oil sector now move away from dealing with Rosneft Trading".
"A decline in the price of global crude oil could translate to lower demand for U.S. dollars and thus an appreciation bias for the peso, and vice versa", Revillas said in an interview with Philippine Star.
The US warned companies of trying to evade the sanctions and gave them 90 days to close down their transactions with Rosneft.
Tuesday's sanctions freeze all assets of Rosneft Trading and the chairman of the board and president of the subsidiary, Didier Casimiro, who also serves as vice president of the parent company.
"Sanctions kill", the diplomat said.
Until Friday, oil prices had risen without a break for more than a week, but the rally was threatened now by the prospect of a falling out between the Saudi-led OPEC and Moscow, which represents the interests of Russia's state and independent oil producers.
Russian Federation condemned the sanctions, saying that they amounted to unfair competition and would not deter Moscow from continuing to work with Venezuela.
Oil has fallen more than 12% this year as China's viral outbreak crippled industrial activity and transportation at a time when energy supplies already were abundant.
We believe, the problem with Crude Oil is not supply but demand. India is the world's third largest crude importer and meets 83% of its crude requirements through imports.
"We will be having conversations with the customers to advise them of USA policy with respect to the export of Venezuelan oil", he said. As per Bloomberg estimates, China's crude oil demand is expected to fall by almost 3 million barrels per day (mbpd), which is almost 20 per cent lower from the current requirement of 15 mbpd.
Iran confirms first two coronavirus cases
Jahanpour said additional tests were being done on the two cases and final results would be announced "as soon as possible". The virus comes from a large family of what are known as coronaviruses, some causing nothing worse than a cold.