President Donald Trump signed an executive order on Friday which imposes financial sanctions on the country of Venezuela. This move was made by Trump to mount up pressure on the country’s president Nicolas Maduro where he is currently trying to prevent a debt default. This comes amid the hundreds of riots that are occurring in Venezuela due to the leader inducing a dictatorship like government on the people of the country.
Many people in the country are close to being monitored 24/7 by the government, they will have restricted access to the internet and phone calls, and their properties will all soon belong to the government. Things only seem to be getting worse. Hundreds of lives have already been lost between riots and marches where civilians try to stand up to government officials.
The new sanctions that Trump signed off on during Friday prohibit financial institutions from giving money to the government of Caracas and their state oil company which is known as PDVSA. This also restricts PDVSA’s American subsidiary which is Citgo, from sending their dividends back to the country of Venezuela. There will also be a restriction from trading two bonds that the government recently issued to overcome it’s rising isolation from western financial markets. The White House told the media that these efforts come to deny Maduro’s dictatorship a crucial source of finance that it needs to legitimately continue ruling, it will protect the U.S. and it’s financial system from any illegal action that may occur from Venezuela’s side, and this will allow for more, “humanitarian assistance.”
If Maduro continues his ways and doesn’t steer course to end his dictatorship and rule Venezuela in a rightful manner, hold back his dirty plans on rewriting the constitution, and declare a fair and transparent election, a senior Trump administration official strongly suggested that additional sanctions would be imposed. Much of the financial stability that Venezuela has, is due to its funding from the American Government. The money for Venezuela is to be used correctly and just and not in an irresponsible manner.
The actions on Friday stopped just short of completely cutting off all U.S. imports of Venezuelan oil that are crucial to the economy of Venezuela and the gulf refiners. If these imports are later completely cut off, that would be disastrous for Venezuela. Not only would their economy drastically fall, the leader Maduro could become desperate and either increase wrongful doings in Venezuela, or even start a war against the United States.
It is a rough patch for Venezuela but rest assured, Donald Trump is not taking this lightly. It is in all his interest to bring peace to Venezuela and make great deals with them again but this can’t happen until the new dictator is either banished or changes his dictator ways. Trump’s main concern now is to bring aid to the people of Venezuela.
Photo By: Hugoshi