US for the first time in 30 years expanded sanctions against the western hemisphere when President Donald Trump ordered a freeze on all Venezuelan government assets in US and banned transactions with its authorities. The last time the US made a similar move was against Cuba. He signed an executive order executing an economic embargo against Venezuela, in his latest move against President Nicolas Maduro.
Trump took the step "in light of the continued usurpation of power by Nicolas Maduro and persons affiliated with him, as well as human rights abuses," according to the order.
The move puts Venezuela in the same position as countries like North Korea, Iran, Syria and Cuba that are now under stringent sanctions from the US. Ever since the crisis has broken out in Venezuela with Maduro refusing to step down, US has imposed sanctions on more than 100 individuals and entities, including state-owned oil company Petróleos de Venezuela SA, the Venezuelan Development Bank and Venezuela’s central bank.
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Asked last week if he was considering a "blockade or quarantine" of Venezuela, Trump responded: "Yes, I am." The order affects "all property and interests in property of the Government of Venezuela that are in the United States, that hereafter comes within the United States, or that are or hereafter come within the possession or control of any United States person." These assets "are blocked and may not be transferred, paid, exported, withdrawn, or otherwise dealt in," the order said.
The recent move threatens to impose sanctions on any company or individual that engages in business or offers support to anyone affiliated with the Maduro government. The measure also bars transactions with Venezuelan authorities whose assets are blocked.
It prohibits "the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any person whose property and interests in property are blocked pursuant to this order," as well as "the receipt of any contribution or provision of funds, goods, or services from any such person."
Venezuelan opposition leader Juan Guaido declared himself interim president earlier this year and is being backed by the United States and dozens of other countries.
But Guaido's efforts have stalled despite the international support and widespread discontent with Maduro, who has been able to cling to power with the backing of the country's security forces.
Despite the loss of momentum, Guaido — the speaker of the opposition-controlled National Assembly — remains the greatest threat to Maduro, even though the body has been effectively rendered powerless by Caracas. The oil-rich, cash-poor country has been in a deep recession for five years. Shortages of food and medicine are frequent, and public services are progressively failing.
Around a quarter of Venezuela's 30 million-strong population requires aid, according to the United Nations, while 3.3 million people have left the country since the start of 2016.
The International Monetary Fund says inflation will hit a staggering one million per cent this year while the economy — already in recession for five years -- will shrink by 35 per cent.