'All options on the table' for Venezuela sanctions
July 19, 2017
The Trump administration is "considering all options," including banning Venezuelan oil imports, officials said. The US is trying to pressure President Nicolas Maduro to abandon plans to rewrite the constitution.
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The White House is working with other countries to prepare "robust" economic sanctions against the government of Venezuelan President Nicolas Maduro, senior US officials said Tuesday.
When asked about possible measures targeting Venezuela's oil sector, an official who spoke on condition of anonymity told reporters: "All options are on the table, all options are being debated."
The official did not specify what the sanctions would be, but stressed that any decisions would take the potential impact on American jobs and the economy into account.
"We understand that we're working with options that will have consequences not just in Venezuela, but also in the United States," the official said.
Dreams of a 'dictator'
Venezuela's government, meanwhile, vowed to go ahead with its plan for a July 30 vote to elect a controversial assembly that would have the power to rewrite the country's constitution, despite international condemnation.
"Nothing and nobody can stop it. The Constituent Assembly is happening," Foreign Minister Samuel Moncada told a news conference on Tuesday, adding that Venezuela is "conducting a deep review of relations with the US government because we don't accept humiliation from anyone."
The defiant remarks came a day after US President Donald Trump called Maduro a "bad leader who dreams of becoming a dictator," and threatened "strong and swift economic actions" if the election was held.
Officials quoted by the Reuters news agency on Tuesday said Trump's administration was drafting possible sanctions against Defense Minister Vladimir Padrino Lopez and Socialist Party deputy leader Diosdado Cabello for alleged rights violations. Another source said the measures could be announced within the next few days.
Maduro blasts US sanctions threats
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Country in crisis
The US has already imposed travel bans and frozen the assets of high-ranking Venezuelan officials in recent weeks, but it has steered clear of broader sanctions that could compound the country's economic crisis.
Venezuela is suffering a deep recession that has led to severe food and medicine shortages and months of anti-government protests. The opposition, which blames Maduro for the situation, is demanding fresh democratic elections.
Any sanctions on Venezuelan oil could worsen the crisis and bankrupt Maduro's government. The country, which is almost entirely reliant on its oil exports for revenues, currently ships a third of its crude oil - about 780,000 barrels per day - to the United States.
Over the weekend, the opposition held an unofficial referendum, which they say resulted in more than 7.5 million people voting against Maduro's planned Constituent Assembly. They also called a 24-hour nationwide strike for Thursday as part of a "final offensive" to push Maduro out of office.
The president, however, insists that having the Constituent Assembly rewrite the constitution is the only way to restore peace and economic stability.
nm/bk (Reuters, EFE, dpa, AFP)
Venezuela on the brink
Venezuela is facing collapse amid multiple crises. DW takes a look at what has brought the oil-rich nation to its knees.
In March 2017, violent protests erupted across the country in response to a Supreme Court decision to strip the legislative branch of its powers. Amid an international outcry, President Nicolas Maduro reversed the decision, but it was too late. Thousands continued to take to the streets, calling for new elections. More than 100 people were killed in clashes with security forces.
Image: Getty Images/AFP/J. Barreto
Hunger, a growing problem
The violence added to the ongoing economic and political crisis in Venezuela. Many Venezuelans spend more than 30 hours a week waiting in lines to shop, and are often confronted with empty shelves when they finally enter a store. President Maduro blames the crisis on US price speculation. The opposition, however, accuses the Socialist government of economic mismanagement.
Image: picture-alliance/AA/C. Becerra
Health care in crisis
The crisis has even affected health care in the oil-rich nation. Venezuelans often head to Colombia to collect medical supplies to send home, as seen in this picture. Hospitals across Venezuela have compared conditions to those seen only in war zones. As patient deaths rise, health officials have sounded the alarm on the rise of malaria and dengue fever.
Image: picture alliance/dpa/M.Duenas Castaneda
Power grab
By July 2017, Venezuela's pro-government Constituent Assembly was established. For observers, it had all the hallmarks of a power grab. The new body adopted the authority to pass legislation on a range of issues, effectively taking away the powers of Venezuela's elected congress, which was under the opposition's control. The move drew wide international condemnation.
Image: picture-alliance/dpa/P. Miraflores
The West sanctions
In response to the political crisis, the United States and European Union imposed a series of sanctions against ruling officials. The US blacklisted members of the Constituent Assembly and froze all of Maduro's assets that are subject to US jurisdiction. The EU banned arms sales to the country.
Image: picture-alliance/dpa/AFP/T. Schwarz
Government victorious in regional elections
In October 2017, Venezuela held two votes: regional elections and elections for governors, which were long overdue. The opposition boycotted the vote, but then split, as some candidates and small parties chose to participate. This caused a deep rift within Maduro's opponents. The government went on to sweep the vote, which detractors say was unfair and heavily favored the regime.
Image: picture-alliance/AP Photo/A. Cubillos
Debt default
In November 2017, the oil-rich, cash-poor nation faced its day of reckoning. Credit ratings agencies declared Venezuela and its state-run oil company in "selective default." But Russia offered to restructure the South American country's debt to ensure Caracas pays its other creditors. US and EU sanctions, however, limited the chance of an agreement.
Image: picture-alliance/AP Photo/A. Cubillos
Presidential elections scheduled
The National Assembly announced in January 2018 that it would grant Maduro's call for snap presidential elections. The electoral authority, CNE, held the elections on May 20. The EU, the US and 14 Latin American nations warned that they would not recognize the results. The mainstream MUD opposition alliance boycotted the vote, leaving only one possible outcome.
Image: Getty Images/AFP/F. Parra
Maduro wins ...
Maduro was re-elected to a second six-year term with about 68 percent of the vote. Turnout was only 46 percent, according to electoral authorities. However, the MUD opposition alliance put turnout at less than 30 percent. The Organization of American States (OAS) called the elections neither free nor fair.
Image: picture-alliance/AP Photo/A. Cubillos
... Guaido assumes power
But weeks into the new year, the situation took a drastic turn. On January 23, 2019, parliament president Juan Guaido declared himself interim president of Venezuela — a move that was quickly recognized by US President Donald Trump. Maduro called it a US-backed "coup." Days later, the US sanctioned Venezuela's state oil firm, while Guaido staked his claim on the country's foreign assets.