• News
  • Sport
  • TV
  • Radio
  • Education
  • TV Licences
  • Contact Us
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • FEATURES
  • OPINION
No Result
View All Result
1
Home World

US ready to target other countries for supporting Venezuela’s Maduro

6 August 2019, 8:40 PM  |
Reuters Reuters |  @SABCNews
U.S. national security adviser John Bolton.

U.S. national security adviser John Bolton.

Image: Reuters

U.S. national security adviser John Bolton.

US national security adviser John Bolton on Tuesday said Washington was ready to impose sanctions on any international company doing business with Venezuelan President Nicolas Maduro, a sharp escalation of US pressure on the leftist leader.

Bolton, addressing a summit on Venezuela in the Peruvian capital Lima, emphasized that tougher international action was needed to speed up a transition of power in the country, where more than four million Venezuelans have fled economic collapse.

“We are sending a signal to third parties that want to do business with the Maduro regime: proceed with extreme caution,”Bolton said.

His speech came a day after US President Donald Trump signed an executive order that freezes the assets of the Venezuelan government and bans any transactions with it, an act that could ensnare its dealings with Russia and China as well as with Western companies.

Bolton told reporters the move forces companies around the world to choose whether to risk access to the United States and its financial system for business with Maduro.

“Do you want to do business in Venezuela, or do you want to do business with the United States?” said Bolton, one of the Trump administration’s most influential hawks on Venezuela.

Asked by a reporter how Venezuela would respond to the executive order, Venezuelan Foreign Minister Jorge Arreaza said:”I’m going to paraphrase Donald Trump … All options are on the table.”

It was the first U.S. asset freeze against an entire government in the Western Hemisphere in more than 30 years. But it was also a reminder that successive rounds of US sanctions have so far failed to peel away the crucial support of Venezuela’s military for Maduro, who took office in 2013 following the death of his political mentor President Hugo Chavez.

Continuing the state controls started under Chavez, Maduro has overseen one of the worst economic collapses in recent world history, leaving his nation of 30 million people with severe shortages of food and medicine despite sitting on the world’s largest oil reserves.

US sanctions on Venezuela are similar to the kind of measures imposed on Iran, North Korea and Syria, Bolton said. “Now, Venezuela is part of this very exclusive club of rogue states,” he said.

In private, Bolton had told Peruvian officials the measure would have the effect of about tripling current sanctions related to Venezuela, a Peruvian government source said, speaking on condition of anonymity. T

he executive order stopped short, however, of a full U.S.trade embargo of the kind imposed on Cuba, experts said, by excluding Venezuela’s still sizeable private sector.

The order maintains some exemptions for companies that do business with state oil company PDVSA, and licenses published on Tuesday reiterated that companies like Chevron and Halliburton can continue to do business with PDVSA in Venezuela through Oct. 25.

RUSSIA: ‘ECONOMIC TERROR’

Most Western and Latin American democracies accuse Maduro of rigging elections last year and are calling for him to step down so the country can hold a fresh presidential ballot. But U.S. policymakers have privately expressed frustration that European partners have not acted more forcefully to match US sanctions on Venezuela.

The summit, organized by Peru, a regional leader on demanding democratic reforms in Venezuela, had aimed to build support for new elections with Maduro’s allies. Yet Russia,China, Cuba, Turkey, Bolivia and Iran all boycotted the summit.

Russia’s foreign ministry said on Tuesday that Washington’s asset freeze was illegal and amounted to “economic terror”, the RIA news agency reported.

The order also could inflame the US-China trade war if it hits Beijing hard, with Venezuela owing China oil deliveries as repayment for loans through 2021, said Fernando Cutz, a formertop aide to Trump on the National Security Council.

Venezuela’s foreign ministry said the freeze was designed to”formalize a criminal economic, financial, and commercial blockade” of the country but said the government would continue with political dialogue with the opposition.

Bolton accused Maduro of only pretending to engage in European-backed negotiations with the opposition on the Caribbean island of Barbados to buy himself time.

Bolton warned Russia against doubling down on its support for Caracas, and urged China to recognize opposition leader Juan Guaido as the country’s legitimate leader if it wanted to recoup debt owed by Caracas, since a new government in Venezuela might not want to honor agreements made with countries that helped Maduro hang onto power.

Bolton said Washington had taken steps to ensure the sanctions did not hurt Guaido and his allies, nor prevent access to humanitarian goods.

Trump’s Commerce Secretary Wilbur Ross also spoke to the Lima summit, promising U.S. support and cooperation to help Venezuela rebuild its oil sector, institutions and economy once Maduro leaves office, without giving details.

The plan has a goal of reversing Venezuela’s decline in oil production within a year, and calls for a long-term deal with the International Monetary Fund, Ross said.

Though sanctioning third parties for doing business with Venezuela would escalate pressure on Maduro, such efforts can lead to push back from other countries that complain of being bullied into following U.S. goals.

Proving that foreign companies are undermining sanctions on Venezuela requires significant investment of economic and human resource.

“How much is the U.S. government willing to spend in diplomatic capital in economic costs in the United States, in order to further its Venezuela policy?” said David Murray, Vice President of the Washington-based firm Financial Integrity Network who is an expert on sanctions compliance.

Share article
Previous Post

Pact is reached in Mozambique but prospects for peace still uncertain

Next Post

Muthambi labels SABC report ‘hogwash’

Related Posts

Image of the train derailment site in Odisha, India.

Ramaphosa conveys condolences to India after deadly train crash

3 June 2023, 10:43 PM
Turkish President Tayyip Erdogan.

Türkiye’s Erdogan sworn in for new term as President

3 June 2023, 4:27 PM
Belongings of passengers lie next to a damaged coach after a deadly collision of trains, in Balasore district, in the eastern state of Odisha, India, June 3, 2023.

Indian train collision death toll nears 300, another 850 injured

3 June 2023, 8:39 AM
Train wreck after a crash in India

50 dead, 300 injured in train collision in eastern India: Reports

2 June 2023, 7:11 PM
File: Mexican authorities comb a forest after bodies were discovered

Mexican prosecutors say 45 bags of human remains may be linked to missing group

2 June 2023, 5:51 PM
Prince Harry arrives for the coronation of King Charles at Westminster Abbey, London, Britain, May 6, 2023. Andy Stenning/Pool via REUTERS/File Photo

Harry to become first British royal in 130 years to give evidence in court

2 June 2023, 3:55 PM
Next Post
Faith Muthambi

Muthambi labels SABC report 'hogwash'

Most Viewed

  • 24hrs
  • Week
  • Month
  • Deadline for Zimbabwean Exemption Permits draws near
  • Durban’s N2 road, Spaghetti Junction closed due to cleanup operations
  • Eastern Cape ActionSA raises eyebrows over qualifications of senior officials
  • Limpopo healthcare set to get massive boost with multi-billion rand hospital
  • Scientist finds solution to extending life of power plants’ rotors
  • Dr Nandipha’s looks during court appearances under the spotlight
  • Deadline for Zimbabwean Exemption Permits draws near
  • Reserve Bank expected to increase repo rate on Thursday
  • Zimbabwe receives 18 helicopters from Russian Federation
  • Durban’s N2 road, Spaghetti Junction closed due to cleanup operations
  • 2024 national elections will be a turning point for South Africa: Malema
  • Slain teen Palesa Malatji’s family calls for death sentence to be reinstated
  • COPE calls for urgent removal of Eastern Cape premier
  • DA joins call for Mabuyane’s resignation
  • One of the victims in Muchipisi village tavern shooting identified

LATEST

Image of the train derailment site in Odisha, India.
  • World

Ramaphosa conveys condolences to India after deadly train crash


South African fire-fighters will be deployed to assist in damping the raging wildfires in the Alberta and Manitoba provinces of Canada.
  • South Africa

Over 200 SA fire-fighters to assist in Canada


Image of amaBhungane logo with interdcit wording overlay.
  • South Africa

AmaBhungane doesn’t have to hand back Moti documents…for now


NPA offices.
  • State capture commission highlights
  • State Capture report
  • South Africa

NPA adopts more aggressive strategy to successfully prosecute cases


ActionSA President, Herman Mashaba speaking as the party's announced former Knysna Speaker, Advocate Julie Anne Lopes will be joining the party.
  • Politics

Mashaba secures new publisher for his book after Mashele funding furore


Durban beachfront.
  • Sport

Swimming and conservation come together to celebrate World Oceans Day


Weather

  • About the SABC
  • Contact Us
  • Jobs
  • Advertise
  • Disclaimer
  • Site Map

SABC © 2023

No Result
View All Result
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • FEATURES
  • OPINION

© 2023

Previous Pact is reached in Mozambique but prospects for peace still uncertain
Next Faith Muthambi Muthambi labels SABC report ‘hogwash’