Money

Trump moves to squeeze Venezuela's access to finance

Trump moves to squeeze Venezuela's access to finance”

Previous sanctions imposed by the us have targeted individuals within Maduro's government, but Friday's new executive order escalates the pressure.

The Trump administration slapped sweeping financial sanctions on Venezuela on Friday, dramatically ratcheting up tensions between the two countries and making it harder for embattled President Nicolas Maduro to raise badly needed cash to prevent a debt default.

The White House said the new sanctions will tighten Venezuela's access to the USA financial system.

The action followed President Nicolas Maduro's decision to convene a special assembly to rewrite the constitution of the oil-rich nation and assume many government powers.

"The Maduro dictatorship continues to deprive the Venezuelan people of food and medicine, imprison the democratically elected opposition, and violently suppress freedom of speech".

"We have troops all over the world. The birthright of the Venezuelan people has always been & will always be libertad". It outlined a prohibition on dealings with new stocks and bonds issued by the Venezuelan government or its state-owned oil company and Citgo parent, Petróleos de Venezuela (PDVSO).

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Trump has even raised the possibility of military action in Venezuela, although the White House seems to have focused more on economic and diplomatic sanctions.

The US will continue to increase pressure on Venezuela until its citizens' "rights and democracy are fully restored", said President Donald Trump's National Security Adviser, H.R. McMaster, announcing the new sanctions alongside US Treasury Secretary Steve Mnuchin.

Prohibiting Americans from extending new debt with a maturation period of longer than 30 days for the rest of the Venezuelan government.

USA and International Monetary Fund officials said Venezuela's economy continues to severely contract, oil production is rapidly declining and the government is liquidating its visible assets - all of which contributes to a deepening humanitarian crisis in the Latin American country. They also exempt transactions with PDVSA's USA subsidiary, Citgo.

The measure was adopted following statements issued late last month by President Donald Trump, who warned that the United States would quickly take strong economic measures if the regime insisted on fraudulently instituting a Constituent Assembly and thus establish an unopposed dictatorship. It doesn't curb trading of existing Venezuelan bonds in secondary markets.

Reflecting a strong lobby effort by the US oil industry, Friday's action stopped short of cutting off USA imports of Venezuelan oil that are crucial both to Venezuela's economy and to USA refiners. He called relations with the USA the worst in history.



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