Trump administration imposes sweeping sanctions on Venezuela

Tarek William Saab speaks during a news conference in Caracas Venezuela

Tarek William Saab speaks during a news conference in Caracas Venezuela

White House imposes new economic sanctions against crisis-hit South American country.

Under the new sanctions, USA banks are now barred from "dealings in new debt and equity issued by the government of Venezuela and its state oil company", the White House said in a statement.

He said Venezuelan President Nicolas Maduro will not attend the annual gathering of world leaders at the United Nations, scheduled for next month.

Since the assembly was seated, it has voted by acclamation to oust the nation's outspoken chief prosecutor, take lawmaking powers from the opposition-controlled congress and create a "truth commission" that many fear will be used to silence the government's political opponents.

"Nicolas Maduro has financed his regime by hollowing out Venezuela through economic mismanagement, corruption and the assumption of onerous debt", Mnuchin said in a briefing with reporters.

"We have troops all over the world". He asked if Americans "want to starve the Venezuelan people" and said his government wouldn't let the U.S.

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"To mitigate harm to the American and Venezuelan people, the Treasury Department is issuing general licenses that allow for transactions that would otherwise be prohibited by the Executive Order", the statement reads.

He warned this week that the Trump administration was readying a "commercial, oil and financial blockade" in the mould of the one that punished Cuba for decades. Our goal is to pressure Maduro and apply that pressure so that he understands that we're serious and understands that we're on the side of the people of Venezuela.

The measure was adopted following statements issued late last month by President Donald Trump, who warned that the United States would quickly take strong economic measures if the regime insisted on fraudulently instituting a Constituent Assembly and thus establish an unopposed dictatorship.

President Donald Trump sanctioned Venezuela on Friday after a democractic and humanitarian crisis developed in the nation under President Nicolas Maduro, seen here August 22. That, they hope, will force Maduro to either back down from its illegitimate efforts to create a rubber-stamp parliament or perhaps even foment some cracks among Maduro's inner circle.

In Miami Pence did not raise the specter of military action, which Trump has evoked.

According to Pence, Trump's comments about military action were meant to convey "resolve and determination ... to not let this moment slip, to not stand idly by while a neighbor collapses into dictatorship".