President Trump levied a new set of economic sanctions on Venezuela Friday in an attempt to exclude the country’s government from U.S. financial markets
The new sanctions ban Americans from “participating in [President Nicolás] Maduro’s liquidation of the Venezuelan economy,” said a senior administration official.
The sanctions cover an array of financial activities, banning Americans from acquiring new Venezuelan debt and Maduro’s government from receiving profits from U.S.-based companies.
The new sanctions will block CITGO, an American oil company with more than $32 billion in yearly revenue, from sending profits to its corporate owner, state-owned Venezuelan oil company Petróleos de Venezuela.
But the sanctions avoided blocking secondary markets from trading Venezuelan securities and carved out licenses for U.S.-owned Venezuelan debt. (Read more from “Trump Slaps New Sanctions on Venezuela” HERE)