Trump administration freezes all Venezuelan government assets in dramatic escalation of tensions with Nicolás Maduro.
The Trump administration froze all Venezuelan government assets Monday in a dramatic escalation of tensions with Nicolás Maduro that places his socialist administration alongside a short list of adversaries from Cuba, North Korea, Syria and Iran that have been targeted by such aggressive U.S. actions.
"The apparent goal is to give the U.S. the ability to apply the law beyond its borders to allies of Maduro like China, Russia, Cuba, Iran and Turkey," said Russ Dallen, the Miami-based head of Caracas Capital Markets brokerage."Should those foreign entities continue doing business with Maduro they can have their U.S. assets seized."
The measures are likely to exacerbate suffering in already moribund economy marked by six-digit hyperinflation and a deep, multi-year contraction that surpasses that of the Great Depression in the U.S. Exceptions will be allowed for the delivery of food, medicine and clothing. Transactions with Venezuela's still sizable private sector do not appear to be affected either. It's unclear how the actions will affect American oil giant Chevron, which last month received a three-month exemption from the U.S. Treasury to allow it to continue drilling for oil with state-run oil monopoly PDVSA.
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