US considers financial sanctions against Venezuela's oil revenue
The United States is considering financial sanctions against Venezuela to restrict the OPEC nation's oil exports, according to a new report.
The proposed US sanctions would halt dollar payments for Venezuela’s oil, Reuters reported Saturday, citing a senior White House official and an adviser with direct knowledge of the discussions.
Financial sanctions preventing any transaction in US currency by Venezuela are among the various oil-related penalties under discussion by the administration of President Donald Trump, the two sources told Reuters.
The US measures under discussion are similar to those that were imposed by the administration of former President Barack Obama against Iran over its civilian nuclear program, the two US officials said.
The proposed financial sanctions would punish any US firm doing business with Venezuela's state-run oil firm, PDVSA, or American banks processing any of its transactions in dollars.
The White House is also discussing a ban on US oil imports from Venezuela, according to the US officials.
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Earlier this week, Trump threatened to impose "strong economic actions" on Venezuela unless President Nicolas Maduro abandoned a plan for a new congress that would be capable of rewriting Venezuela's constitution and would supersede other elected institutions.
Maduro insists that a new constitution is needed “to restore peace,” stop the opposition from carrying out a “coup d’etat,” and address social and economic problems.
Maduro has repeatedly condemned what he calls "imperialist meddling" by US officials.
"Venezuelans are free and will unite against the insolent threat from a xenophobic and racist government ... (and) the United States' brutal interventionist efforts," said Venezuelan Foreign Minister Samuel Moncada on Tuesday.
The South American nation of 30 million has recently been the scene of intense protests, which broke out after the Supreme Court stripped the opposition-controlled parliament of its powers in April.
The move unleashed long-simmering anger and sparked the fiercest protests against Maduro in three years. While that decision was later revoked, protests have only gained momentum.
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