Published: Tue, August 29, 2017
Global | By Maureen Mccoy

RT Business: US sanctions against Venezuela won't work, warns Beijing

RT Business: US sanctions against Venezuela won't work, warns Beijing

Trump had previously threatened military action against Venezuela, comments that feed Maduro's claim that the USA could be behind an invasion of the oil-rich country.

Training exercises across country come at the heels of new United States sanctions and Trump's warning of military action.

U.S. President Donald Trump signed an executive order that prohibits dealings in new debt from the Venezuelan government or its state oil company Friday in an effort to halt financing that the White House said fuels Venezuelan President Nicolas Maduro's "dictatorship".

Venezuelan President Nicolas Maduro announced on Tuesday that his government is taking steps to defend the country against the U.S. economic sanctions.

If necessary the government would find new markets for the roughly 700,000 barrels of oil it sends daily to the US, he said. The sanctions bar USA banks for making new deals with the Venezuelan government or the country's state run oil company.

It noted that the opposition's text clearly demonstrates that those who are politically opposed to the Bolivarian government are "openly servile to foreign interests and in accord with a military intervention in the country", according to AVN.

The sanctions follow through on Trump's threat last month that he would take strong economic actions if Maduro's increasingly authoritarian government went ahead with plans to create a constitutional assembly that is made up wholly of government loyalists.

But Trump's rhetoric might have worked in Maduro's favor.

Tillerson slams N.Korea missile test but still seeks talks
The North earlier threatened to shoot four intermediate-range ballistic missiles toward the US territory of Guam. The missiles reportedly landed in North Korean waters about 250km away.

Syrian officer: Anti-IS fight near Lebanon border soon over
The Syrian government has held on to a pocket of territory in the provincial capital of Deir Ezzor city, and at a nearby airbase. Lebanon's army has announced a ceasefire in its offensive against ISIL fighters at the country's northeast border with Syria.

Ronda Rousey weds UFC fighter Travis Browne, but where are the details?
Rousey (12-2) was considered the most dominant female in the UFC before her knockout loss to Holly Holm in 2015. Over a year later, Rousey faced Amanda Nunes at UFC 207 and was also knocked out.

Venezuela's unique economic crisis has left the country with a widespread food and medicine shortage.

Maduro says that his new assembly was put together in order to form a new constitution which he claims "will bring peace" to the country.

A senior administration official in Washington told reporters that the USA was trying "to create a series of escalatory measures that we can take".

They also restrict PDVSA's USA subsidiary, Citgo, from sending dividends back to Venezuela - a move that Maduro said would lead to the "virtual closure" of a company responsible for thousands of American jobs.

"They would bolster his discourse that Venezuela is the target of an economic war", said Smilde.

The new sanctions also bolster regional efforts - expressed in the Lima Declaration of August 8 - which refused to recognize Maduro's hand-picked "Constituent Assembly" and any laws it adopts.

That could choke off access to NY debt markets and substantially raise the likelihood of Venezuela being forced into default.

The measures ban trade in new bonds issued by the Venezuelan government or its cash-cow oil company, PDVSA.

Like this: