Trump's Executive Order For Venezuela Targets Maduro's Financing

Of The Week

Of The Week

The sanctions President Donald Trump signed by executive order are bound to dramatically escalate tensions between Venezuela and the Washington and exacerbate the country's economic crisis.

The executive order signed by Trump bars US institutions from buying new debt issued by the Venezuelan government or from the state-owned oil company Petróleos de Venezuela SA, or PDVSA.

"Obviously, the US has a lot of influence over the Venezuelan economy", an administration official told reporters.

The action followed 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", the White House said in a statement.

Venezuela, he said, has never had militaristic or interventionist intentions unlike the "imperialist powers" that "use a world map in their meetings to plan the use of force against nations posessing vital resources".

According to the diplomat, this initiative, which is backed by the Pope Francisco and some global statesmen, means a formula to exercise a policy of non-violence in order to achieve peace and harmony for the Venezuelan people.

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Prohibiting Americans from extending new debt with a maturation period of longer than 90 days to Venezuela's state-owned oil company, Petróleos de Venezuela.

The move is expected to further cripple the ability of Venezuelan socialist elites to maintain lavish lifestyles while most of the populace suffers from the near-complete collapse of the economy under socialist dictator Nicolás Maduro. The president told reporters last month that USA military action in Venezuela is a possible option. It's time to answer his cruel leadership with some economic sanctions, Trump declared Friday via an executive order. Until now, the USA has taken care to target individuals within Venezuela's evolving dictatorship.

Speaking at the U.N. headquarters in New York, Arreaza said "threats" and "supposed sanctions" from the United States are "uncivilized politics".

"No military actions are anticipated in the near future", McMaster told reporters on Friday, adding that Trump was presented with "many options" in case the situation in Venezuela deteriorated. He called relations with the USA the worst in history.

United States vice president Mike Pence had signalled the upcoming move earlier, tweeting that the U.S. "will not stand by as Venezuela crumbles".

Any economic sanctions, however mild, increase the risk of a default on Venezuela's ballooning debt.

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