U.S. imposes economic sanctions on Venezuela

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By BBN Staff: Responding to the ongoing civil crisis in Venezuela, the United States imposed an economic sanction against the country’s government.

US President Donald  Trump signed an Executive Order prohibiting any new deals in debt and equity issued by the the Venezuelan government and its state-owned oil company. The order  also prohibits dealings in certain existing bonds owned by the Venezuelan public sector, as well as dividend payments to the government of Venezuela.

“These measures are carefully calibrated to deny the Maduro dictatorship a critical source of financing to maintain its illegitimate rule, protect the United States financial system from complicity in Venezuela’s corruption and in the impoverishment of the Venezuelan people, and allow for humanitarian assistance,” the U.S. Government said in a statement.

The US made provisions for exemptions on transactions prohibited by the order, in an effort to mitigate harm done to both Americans and Venezuelans.

These exemptions include provisions allowing for a 30-day wind-down period; financing for most commercial trade, including the export and import of petroleum; transactions only involving Citgo; dealings in select existing Venezuelan debts; and the financing for humanitarian goods to Venezuela.

“The United States is not alone in condemning the Maduro regime. Through the Lima Declaration of August 8, our friends and partners in the region refused to recognize the illegitimate Constituent Assembly or the laws it adopts,” the US added.

The government went on to say that the new financial sanctions support regional disapproval for the actions of Venezuelan President Nicolás Maduro.

The US also reiterated its call that Venezuela restore democracy, hold free and fair elections, release all political prisoners immediately and unconditionally, and end the repression of the Venezuelan people.

 

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