US President on Monday signed an executive order and enforced an economic embargo on Venezuela in a bid to put an end to the disputed regime of President Nicolás Maduro. He further claimed that the world powers like Russia and China also support his move against Maduro.
With the ban in effect, all the assets and the associated entities of the government of Venezuela have been frozen and economic transactions have been restricted unless allowed specifically. The only cases in which the transactions would be allowed are the official business of the federal government and transactions related to the provision of humanitarian aid.
With this move, Trump has placed the political crisis stricken Venezuela in ranks with North Korea, Iran, Syria and Cuba. Earlier, Maduro made an announcement to make an effort to end the basic amenities of the country and bring aid into the country.
In a letter to congress, summarising the economic embargo on Monday night, the US President said, “I have determined that it is necessary to block the property of the Government of Venezuela in light of the continued usurpation of power by the illegitimate Nicolas Maduro regime, as well as the regime’s human rights abuses, arbitrary arrest and detention of Venezuelan citizens, curtailment of free press, and ongoing attempts to undermine Interim President Juan Guaido of Venezuela and the democratically-elected Venezuelan National Assembly.”
Since the starting of the political crisis in Venezuela, US have enforced bans on various people and organisations, including the state-owned oil company Petróleos de Venezuela SA, the Venezuelan Development Bank and Venezuela’s Central Bank.
The recently announced economic embargo will officially take affect on Tuesday following the meet of various representatives from different countries to discuss the on-going crisis in the country. Crisis hit Venezuela when the leaders voiced their concerns against the irregularities during the elections, terming the re-election of Nicolas Maduro as apolitical.
Earlier Trump in a statement recognising Juan Guaido as the true leader of Venezuela said, “In its role as the only legitimate branch of government duly elected by the Venezuelan people, the National Assembly invoked the country’s constitution to declare Nicolas Maduro illegitimate, and the office of the presidency therefore vacant.”
“The people of Venezuela have courageously spoken out against Maduro and his regime and demanded freedom and the rule of law,” he added.
The economic embargo against Venezuela will certainly bring adverse effects along with it. However, what those effects will be, would be revealed in the upcoming months.