The U.S. department of Treasury has issued sanctions against Venezuela just one day after president Nicolás Maduro announced an uncontested victory in a vote that grants him power to fully consolidate his reign over the crisis-ridden nation. Much of the world, let alone Venezuela’s own citizens, have spoken against the vote, deeming it a breach of democracy.
In a statement announcing tightening sanctions against the Latin American country, Treasury Secretary Steven Mnuchin commented on Monday, “Yesterday’s illegitimate elections confirm that Maduro is a dictator who disregards the will of the Venezuelan people.”
According to the sanctions imposed by the Treasury, all of the Venezuelan President’s assets that are subject to U.S. jurisdiction will be halted as of Monday. This also means that no U.S. citizens are permitted to have contact with him.
Other details, including the amount of assets Maduro has in the U.S, are still unknown, as Mnuchin declined to release any additional details during the White House briefing on Monday afternoon.
A spokesman of the Treasury clarified to CNN Money that the sanctions will “impose real costs – no U.S. person can do business with sanctioned individuals, and sanctioned individuals are denied access to the U.S. financial and commercial systems.”
To clarify, even if the sanctioned person doesn’t have any assets in the U.S., sanctions can often impede that person’s ability to do any other international banking or business in general.
Following the footsteps of Syrian President Bashar al-Assad, North Korea’s Supreme Leader Kim Jong Un, Zimbabwe’s President Robert Mugabe, former Yugoslav President Slobodan Milosevic, and Manuel Noriega, the former military dictator of Panama, Maduro joins a handful of other heads of state to be sanctioned by the U.S government.
However, as oil is Venezuela’s primary source of income, the damage that Trump’s sanction on Maduro will have on Venezuela pales in comparison to the broader economic sanctions previously imposed on Venezuela’s oil industry.
Although Mnuchin declined on Monday to comment about further sanctions, Senior administration officials hinted on Sunday that there may be plans for broader sanctions to be placed.
“As we continue to monitor the situation, we will continue to review all of our options,” said Mnuchin, highlighting that the U.S government will always act in the best interest of Venezuelan citizens.
Monica Calderon, a 30-year-old Venezuelan citizen managing a perfume stand at a Caracas shopping mall called on the U.S. to “apply the sanctions, do whatever you have to do”.
“They should apply them as soon as possible because we’re living under a government that steals money,” said Calderon, who spoke to CNN from a safe and supported area. “It’s going to send a message, because we are hoping that Venezuela isn’t alone.”
Others in opposition safe areas such as Aldo Volani, 68, a security advisor who has lived in Caracas for the last 23 years, also chimed in:
“We are in a dictatorship… I wish he [President Trump] would have done it a long time ago.”
Just last week, the Trump administration imposed sanctions on 13 government and military officials affiliated to Maduro. Other countries such as Mexico and Colombia also followed suit, sanctioning the same individuals.
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