situation report

Mar 6, 2019 | 19:07 GMT

1 min read

Venezuela: U.S. to Impose Sanctions Against Foreign Banks Engaged in Business With Maduro Government

What Happened: The United States will impose sanctions on foreign financial institutions that do business with the government of Venezuelan President Nicolas Maduro, U.S. national security adviser John Bolton announced March 6.

Why It Matters: The U.S. government has signaled an increase in its campaign against Maduro by encouraging international financial institutions to sever their ties with Venezuela, which would further exacerbate the country's dire economic situation. The measure will also force Maduro's loyalist commanders in the armed forces to consider whether to continue backing his rule.

Background: The U.S. Treasury Department has already blocked people and entities subject to U.S. jurisdiction from conducting business with Venezuela's state-owned energy company, Petroleos de Venezuela (PDVSA), although U.S. Gulf Coast refiners are allowed to continue importing oil from Venezuela under temporary import licenses.

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