James Kynge

Mikhail, thanks so much for joining us.

We're really lucky to have you on.

I know this is a fast moving picture and I know you've been following it very closely.

Could you set us up by just telling us what the situation is?

The U.S.

has said that it will control sales of Venezuelan oil exports.

indefinitely.

How big a blow is this to China, given that all of China's strategic interests in Venezuela?

And how much of a problem is it in terms of China's need for Venezuelan oil?

And just thinking a little bit more about the geopolitical background to this, both President Trump and Marco Rubio, the Secretary of State, have been clear that Latin America should be regarded as the United States' hemisphere.

Could you just talk a little bit about this and the implications of it?

Do you think it's possible that the US could make a grab for other Chinese interests or assets in the region?

One of the things I'm thinking of in particular is President Trump's previous remarks that the US should take back the Panama Canal.

I mean, China doesn't own the Panama Canal, but there are two ports there.

at both ends of the canal, Cristobal and Balboa, which are operated by a Hong Kong-based conglomerate, C.K.

Hutchinson.

So China does have some interest in the canal.

But I mean, more broadly, do you think that we're going to see further U.S.

grabs for Chinese interests and assets in the region?

Thanks so much, Michal.