The US has imposed wide-ranging new financial sanctions on President Maduro’s administration in Venezuela. The US accuses Maduro’s government of depriving Venezuelans of food and medicine, imprisoning the democratically-elected opposition, and violently suppressing freedom of speech. Most recently, President Maduro created a rival legislature and transferred to it the powers of the democratically elected National Assembly (see previous blog).
The new sanctions prohibit dealings in new debt and equity issued by the government of Venezuela and its state oil company. They also prohibit dealings in certain existing bonds owned by the Venezuelan public sector ad dividend payments to the government of Venezuela. To mitigate harm to the American and Venezuelan people, the US Treasury has issued several general licences, including for financing most commercial trade, 30-day wind-down periods, and the financing of humanitarian goods.