trump pulls the plug on venezuelan government, freezes all assets

Trump Pulls the Plug on Venezuelan Government, Freezes all assets

Business

On Tuesday, the Trump government pulled the plug on Venezuela by freezing all Venezuelan government assets. The US took this step to curb the escalation of tension with Nicolas Maduro, President of Venezuela and a socialist leader. After this, Venezuela is on par with countries such as Syria, Iran, Cuba, and North Korea regarding trade relations with the US. The ban is in effect immediately, and Americans won’t be able to do business with Venezuela’s government anymore.

According to the executive order, all interests and property of the Venezuelan government that are in the states are blocked and cannot be exported, transferred, paid, withdrawn, or otherwise dealt in. Signed by the US President on Monday, the order stated Maduro and his loyalists’ “usurpation” of human rights violations and power. While the order doesn’t impose a complete trade ban, it signifies the unwavering US action to eradicate Maduro from power. The Trump administration acknowledged Juan Guaido, the opposition front-runner as Venezuela’s correct leader in January 2019. Currently, Venezuela has become on par with the US’ other opponents such as Syria, Cuba, North Korea, and Iran regarding trade relations. Previously, Trump government had imposed sanctions on the country’s financial sector and PDVSA Venezuela’s state-run oil firm, which is the main source of almost all of its export incomes. As part of the executive order, US citizens will be forbidden from resuming in trade with anyone determined to be assisting Maduro or his government. Also, Maduro followers will be prohibited from entering the US. Delivery of food, clothing, and medicine will be allowed as an exception. Sanctions imposed are only applicable for state-run organizations while trade with the private sector is still on.

According to Mr. John Bolton, US National Security Advisor, countries such as Russia and China have backed Nicolas Maduro, right from the beginning. Wilbur Ross, US Commerce Secretary, and Bolton attended  the International Conference for Democracy on behalf of the US held in Venezuela. More than 50 nations that identify opposition front-runner, Guaido as the rightful President of Venezuela attended the Conference. All these countries consider Maduro’s re-election in 2018 to be deceitful.

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