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Washington imposes new financial sanctions against Venezuela

Washington imposes new financial sanctions against Venezuela

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 Petr├│leos de Venezuela SA, or PDVSA.

The sanctions are aimed at severely limiting the government's ability to finance itself, hoping to undermine President Nicolás Maduro's legitimacy among domestic supporters.

The United States is trying to promote a humanitarian crisis in Venezuela by imposing new sanctions, Foreign Affairs Minister Jorge Arreaza said on Friday after the sanctions were announced by the White House.

"We will not stand by as Venezuela crumbles", it said.

Venezuelan Oil Minister Nelson Martinez will swap roles with the head of the country's state-run oil company Eulogio del Pino in the latest attempt by the socialist administration of President Nicolas Maduro to reverse the ruinous decline in revenues from crude oil.

"The economic measures the US government is preparing will worsen Venezuela's economic situation", he told foreign journalists Tuesday, vowing to protect the population from the worst effects of any sanctions.




The sanctions are bound to worsen a crisis that has already seen Venezuela's oil-dependent economy shrink by about 35 percent since 2014 - more than the USA economy did during the Great Depression.

But with Venezuela's streets calmer than they have been for months, and the opposition still reeling from its failure to prevent the constitutional assembly from going forward, action from increasingly concerned global community represents the best chance of reining in Maduro, he added.

The Maduro regime is running out of money.

President Donald Trump sanctioned Venezuela on Friday after a democractic and humanitarian crisis developed in the nation under President Nicolas Maduro, seen here August 22.

It also restricts the bond negotiation that the Venezuelan State has, as well as the payment of dividends for them.

The White House said it would allow certain exceptions, such as for humanitarian aid, in order "to mitigate harm to the American and Venezuelan people". Days after that vote, Maduro's assets were also frozen. He added that while he does not feel an attack would come in the form of a "classic military invasion", it is possible that the Venezuelan Armed Forces could be attacked "from within", in order to create a situation of "ungovernability" justifying an invasion.

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