EO 13808, issued on 27 July 2017, prohibits the Venezuelan government from accessing U.S. financial markets, allowing for "exceptions to minimize the impact on the Venezuelan people and U.S. economic interests. [195] Reporting on Arreaza's statements, the Associated Press said that Maduro was blocking aid, and "saying that Venezuelans are not beggars and that the move is part of a U.S.-led coup". GDP is falling Venezuela once boasted Latin America's richest economy - boosted by the biggest oil reserves on the planet. This prevented the government from restructuring its foreign debt, because any debt restructuring requires the issuance of new bonds in exchange for the existing debt. Executive Order 13808, among other things, prohibits transactions by a United States person or within the United States related to: certain new debt of Petroleos de Venezuela, S.A. (PDVSA); certain new debt or new equity of the Government of Venezuela; existing bonds issued by the Government of Venezuela prior to August 25, 2017; and dividend payments or other distributions of profits to the Government of Venezuela from any entity owned or controlled by the Government of Venezuela. U.S. sanctions on Venezuela explained | ShareAmerica ", "Responsible for or complicit in, or directly or indirectly involved in, a transaction or series of transactions involving deceptive practices or corruption and the Government of Venezuela or projects or programs administered by the Government of Venezuela.". Sign up to receive ShareAmerica updates. [106] PDVSA's US subsidiary Citgo announced in February that it would formally cut ties with PDVSA to comply with US sanctions on Venezuela, and halted payments to PDVSA. [175], Switzerland implemented sanctions against Venezuela on 28 March 2018, freezing the assets of seven ministers and high officials due to human rights violations and deteriorating rule of law and democracy. [4], Beginning in January 2019, during the Venezuelan presidential crisis, the United States applied additional economic sanctions in the petroleum, gold, mining, food and banking industries. The gold was removed while the bank was not fully operational because of the ongoing, widespread power outages and minimal staff was present; the destination of the gold was not known. [66], On 17 April 2019, the U.S. Treasury added sanctions to the Central Bank of Venezuela and one of its directors, Iliana Ruzza. [69] Bolton said the sanction was "aimed at restricting U.S. transactions with the bank and cutting off the bank's access to U.S. currency", and "meant to be a warning to others, including Russia, against deploying military assets to Venezuela. [97] The White House saw the limited measures as a way to "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". [76][non-primary source needed] In response to the arrest of National Assembly members, the US Treasury sanctioned on 10 May two shipping companies, and two ships, that transported oil from Venezuela to Cuba between late 2018 and March 2019. The executive order referenced "Petro", a crypto-currency also known as petromoneda. [79][non-primary source needed] The Miami US attorney's office said during a news release that the Motta is indicted on seven counts of money laundering and one count of money laundering conspiracy, after awarding US$60 million in contracts to three Florida-based companies in return for bribes. [210], Hours after the United States imposed sanctions on Luis Parra and seven other National Assembly deputies in relation to 2020 Venezuelan National Assembly Delegated Committee election, Maduro's Foreign Minister Jorge Arreaza published a statement saying that the sanctions imposed by the US Treasury seek to "interfere and undermine the proper functioning of democratic institutions, with the unusual intention to designate from Washington the authorities of the legislative power." President, Adrian Antonio Perdomo. It also sold gold to the central banks of other countries. Whatever the reasons for Lula's staunch defence of Mr Maduro, it appears to have backfired. [217] Before her visit, 66 Venezuelan NGOs (including PROVEA) asked Douhan in an open letter to consider the harmful impact of sanctions in the context of years of repression, corruption and economic mismanagement that predate the sanctions, and requested she meet independent press and civil society researchers. Venezuela defaulted on a $60-billion debt pile in 2017 and owes billions of dollars in unpaid commercial loans and arbitration awards. [49] Agencia Vehiculos Especiales Rurales y Urbanos, C.A. The Department of the Treasurys Office of Foreign Assets Control (OFAC) simultaneously issued frequently asked questions (#559-563) clarifying that compliance obligations are the same, regardless of whether a transaction is denominated in digital currency or a traditional fiat currency. Juan Guaid and the National Assembly appointed a new Citgo board of directors under Chairperson Luisa Palacios. [225][226][227][228] Douhan was criticized by the Venezuelan civil society,[229] and several non-governmental organizations pronounced themselves in social media with the hashtag "#Lacrisisfueprimero" (The crisis came first). [190], After the sanctions were issued, Venezuela has continued to ship oil and send money to ally countries. [20] Bolton has alternately described the three countries as the "triangle of terror"[21] and the "three stooges of socialism",[22] stating that the three are "the cause of immense human suffering, the impetus of enormous regional instability, and the genesis of a sordid cradle of communism in the western hemisphere". [35] Maduro became the fourth head of state to be sanctioned by the United States government after Bashar al-Assad of Syria, Kim Jong-un of North Korea and Robert Mugabe of Zimbabwe. "These individuals are responsible for, or complicit in, gross violations of internationally recognized human rights, have committed acts of significant corruption, or both. [163], On 25 June 2018, the EU sanctioned another eleven officials[164] in response to the May 2018 Venezuelan presidential election, which the E.U. [8] The same month, Venezuela paid Saint Vincent and the Grenadines' debt with Petrocaribe, estimated to have been around $189 million dollars. "[149] A number of exceptions to the noted prohibitions were added. [128][129] Univision said this action "put 'the entire banking sector' on notice" that "persons operating in Venezuela's financial sector may be subject to sanctions. "[170] The listwhich would not be disclosed in its entirelyis headed by Maduro, his wife Flores, Cabello, and Delcy Rodrguez and encompasses Venezuela's military leadership. ), and section 301 of title . Different types of creditors have since targeted offshore assets frozen by US sanctions as they seek to collect debts owed by the government and state-owned oil firm PDVSA. [64][65] An unnamed U.S. senior official told Bloomberg that these companies and vessels account for as much as half of the 50,000 barrels daily of oil that "Venezuela sends to Cuba in exchange for the social, intelligence and strategic support Havana provides Maduro". [23] Because such processes to remove Maduro were unsuccessful, President Trump began to consider military options, including a naval blockade against Venezuela. [7], In an interview in late May 2019, Guaid said that the sanctions had weakened a network of Cuban spies that was allegedly operating in Venezuela. First published on Mon 31 Jul 2017 14.28 EDT. Regime insiders have transformed BANDES and its subsidiaries into vehicles to move funds abroad in an attempt to prop up Maduro. [77][78] Mnuchin stated: "The U.S. will take further action if Cuba continues to receive Venezuelan oil in exchange for military support. Her only crime [is] being my wife. The company has a warehouse that was used to receive food from different suppliers and assemble the food into boxes that were shipped from Mexico and sold in Venezuela as a part of the CLAP corruption scheme. 13835 closes another avenue for corruption by denying the Venezuelan regime the ability to earn money by selling off public assets at fire saler prices at the expense of the Venezuelan people. Sanctions were placed on current and former government officials, including members of the Supreme Tribunal of Justice (TSJ) and the 2017 Constituent National Assembly (ANC), members of the military and security forces, and private individuals accused of being involved in human rights abuses, corruption, degradation in the rule of law and repres. This entails integrity and security risks that cause great concern both locally and internationally". An official website of the United States Government, Guidance Related to the Provision of Humanitarian Assistance and Support to the Venezuelan People, Office of the Special Envoy for Critical and Emerging Technology, Office of the U.S. [114], Venezuela's third-largest export (after crude oil and refined petroleum products) is gold. "[41] Four more current or former officials were added to the sanctioned list in March 2018. E.O. 1701 et seq.) They explained that Venezuelan officials pocketed 70% of the proceeds allocated for importation programs destined to alleviate hunger in Venezuela. "[36], The U.S. Treasury Department sanctioned eight officials associated with the 2017 Constituent National Assembly (ANC) in August,[37] for participating in "anti-democratic actions pursuant to Executive Order 13692" by facilitating the "illegitimate Constituent Assembly to further entrench [Maduro's] dictatorship". [34] The day after the election, the US sanctioned Nicols Maduro, freezing his assets, banning United States citizens from dealing with Maduro and barring him from entering the United States, stating "These sanctions come a day after the Maduro government held elections for a National Constituent Assembly that aspires illegitimately to usurp the constitutional role of the democratically elected National Assembly, rewrite the constitution, and impose an authoritarian regime on the people of Venezuela". [147][148] The sanctions were for behaviors that undermined democracy after at least 125 people were killed in the 2017 protests and "in response to the government of Venezuela's deepening descent into dictatorship"; Chrystia Freeland, Foreign Minister said, "Canada will not stand by silently as the government of Venezuela robs its people of their fundamental democratic rights". [139] Saab would have met lvaro Pulido in 2012, when he was dedicated to supplying the Saab company, but this activity would have stopped doing it in 2014. A version of this story was previously published on March 12, 2020. [113] When Chvez was elected, Venezuela was producing 3.5million barrels per day of crude oil; as of March 2019, production is about 1million barrels per day, and Pin says these countries should have seen the problems coming. [28][29], The U.S. Treasury Department sanctioned Maikel Moreno and seven members of the Venezuelan Supreme Justice Tribunal (TSJ) in May for usurping the functions of the Venezuelan National Assembly and permitting Maduro to govern by decree. [95], In August 2019, President Donald Trump imposed additional sanctions on Venezuela, ordering a freeze on all Venezuelan government assets in the United States and barred transactions with US citizens and companies. [120], In mid-February 2019, a National Assembly legislator Angel Alvarado said that about eighttons of gold had been taken from the vault while the head of the Central Bank was abroad. [148] She added that Canada had delayed in imposing sanctions because Canadian laws did not allow it to do so quickly. Compania General de Mineria de Venezuela; Corporacion Venezolana de Guayana Minverven C.A. During the crisis in Venezuela, governments of the United States, the European Union, Canada, Mexico, Panama and Switzerland applied individual sanctions against people associated with the administration of Nicols Maduro. "[89] The sanctioned had their assets in the US frozen and are not allowed to do business with US financial markets nor with US citizens. [100][102] Exports of Venezuela's heavy crude oil depend on diluents that were imported from the US before sanctions; Rosneft chartered a ship to load thinners from Malta and deliver them to Venezuela on 22 March, and it has arranged for shipping of Venezuelan crude oil to be processed in India. [187], Minister of Industries and National Production Tareck El Aissami announced in October 2018 in response to US sanctions that all foreign exchange government auctions will no longer be quoted in US dollars and would use euros, Chinese yuan and other hard currencies instead. 01/19/2020 The United States Takes Action Against Officials of the Former Maduro Regime Involved in Obstructing the Venezuelan National Assembly; Secretary of State Michael R. Pompeo; Washington, DC 12/03/2019 The United States Takes Action Against the Movement of Venezuelan Oil to Cuba ; Secretary of State Michael R. Pompeo; Washington, DC [82], Following the death of Venezuelan navy captain Rafael Acosta Arvalo on 29 June, the United States sanctioned Direccin General de Contrainteligencia Militar on 11 July 2019, accusing the defense agency of being responsible for his death. ", "Don't blame Washington for Venezuela's oil woes: rebuttal", "UN urged to declare full-scale crisis in Venezuela as health system 'collapses', "Exclusiva con Juan Guaid: Espas cubanos golpeados por sanciones de Trump", "Executive denounces "coercive" US measures against Venezuelan deputies", "US ignores calls to suspend Venezuela and Iran sanctions amid coronavirus pandemic", "New Report Documents How U.S. Sanctions Have Directly Aggravated Venezuela's Economic Crisis", "Biden Grants Protections for Venezuelans to Remain in U.S.", "Transparencia Venezuela analiza la incidencia de las sanciones internacionales en Venezuela", "Impacto de las Sanciones Financieras Internacionales contra Venezuela: Nueva Evidencia", "Venezuela security operations leave over 1,300 dead in five months, U.N. rights office says", "Carta abierta a la Relatora Especial, Alena Douhan, por su visita a Venezuela PROVEA", "Venezuela. [38] The individuals sanctioned included Francisco Ameliach and Adn Chvez, the brother of Hugo Chvez. US Green Lights UN's Venezuela Fund in Boost to Negotiations - Yahoo News "[158], In 2017, the European Union had approved an embargo on arms and material, adding Venezuela along with North Korea and Syria, to countries where European companies cannot sell material that may be used for repression. [citation needed], Trump issued EO 13850 on 1 November 2018 to block the assets of anyone involved in corruption in the gold sector, or "any other sector of the economy as determined in the future by the Secretary of the Treasury". [124], On 19 March 2018, U.S. President Donald Trump signed an order that prohibits people in the U.S. from making any type of transaction with digital currency emitted by or in the name of the government of Venezuela as of 9 January 2018. This includes the state-run oil company, PDVSA. [194], In January 2019, David Smolansky, Organization of American States Commissioner for Venezuelan Migrants and Refugees, told Public Radio International that the sanctions prior to 2019 targeted Maduro and Chavismo "elites" while having little impact on average Venezuelans. [11] The order "freezes any assets the designated entities and individuals may have under U.S. jurisdiction and prohibits U.S. persons from conducting financial or commercial transactions involving those assets". "[68][non-primary source needed] Maduro responded in a television broadcast, saying: "Let me tell you, imperialist Mr. John Boltonadvisor to Donald Trumpthat your sanctions give us more strength.
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