President Donald Trump has ordered a freeze on all of the Venezuelan regime’s U.S.-based assets.
In a press release on Tuesday, the White House announced they were “cutting off financial resources from Maduro and his cronies” while “isolating the regime from the global financial system.”
The measures include freezing all the assets owned by the regime in the United States, as well as those held by individuals or entities providing “material support” to the regime.
“The President signed an executive order imposing new sanctions on the Maduro regime, blocking all property of the Venezuelan Government in the jurisdiction of the United States,” the statement reads. “[This] is directly targeting those who enable the illegitimate Maduro regime and undermine the National Assembly of Venezuela and Interim President Juan Guaidó.”
“[Trump also] granted the Secretary of the Treasury the authority to block all property of individuals who provide material support to the Maduro regime,” it continues. “This executive order further isolates Maduro’s illegitimate regime from the global financial system and the international community.”
The move is the latest in multiple rounds of sanctions against the Maduro regime, which the Trump administration has committed to removing from power and instigating a transition to democracy. Past sanctions have targeted a total of 200 people and entities, ranging from senior military personnel to the country’s state-run oil company Petroleum of Venezuela (PDSVA.)
It is unclear to what extent the sanctions have impacted Maduro’s control or whether they have worsened the country’s dire economic and humanitarian crisis. Despite limiting their financial resources, the regime retains the support of Russia and China, both of whom have provided extensive financial and military support to shore up their grip on power.
“This action is not against the Venezuelan people, but against Maduro and his ongoing human rights abuses,” the White House statement read. “Maduro continues to rob the Venezuelan people of their resources while the people face a horrifying humanitarian crisis. The United States has taken careful measures to help provide the Venezuelan people with access to humanitarian aid, including food and medicine.”
The move was welcomed by Florida Senator Marco Rubio, seen as a key adviser to Trump on his approach to Venezuela, who said it showed the U.S.’s commitment to “stand with the people of Venezuela in their fight to restore democratic order and the rule of law.”
Maduro pretends he’s interested in “dialogue” but is just trying to wait out the crisis in #Venezuela.
It wont work.
Today the U.S. will freeze all of the #MaduroRegime’s assets & imposes sanctions on any person or company that continues to provide support to them.
— Marco Rubio (@marcorubio) August 6, 2019