U.S. imposes 1st economic sanctions against Venezuela


(Miami Herald) Saying the U.S. won’t help underwrite “tyranny,” the Trump administration on Friday restricted Venezuela’s ability to borrow money from American creditors, a prohibition intended to starve President Nicolás Maduro’s troubled government of much-needed cash.

The Treasury Department, following through on President Donald Trump’s threat of economic sanctions, banned debt trades for bonds issued by the Venezuelan government and its state-owned oil company, Petróleos de Venezuela SA, the economy’s financial driver. But it continued to avoid the penalty that would inflict the most damage on the South American country: an oil embargo.

“Maduro may no longer take advantage of the American financial system to facilitate the wholesale looting of the Venezuelan economy at the expense of the Venezuelan people,” Treasury Secretary Steven Mnuchin said, warning of future escalating sanctions.

Source:: World Net Daily – World

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