Trump sanctions ban U. S companies from purchasing Venezuela’s debt.

Trump administration slaps new sanctions on Venezuela after ‘sham’ election

The Trump administration has stepped up economic pressure on Venezuela, announcing new financial sanctions which prohibit US citizens from purchasing any Venezuelan debt.

The move comes in response to the reelection of President Nicolas Maduro on Sunday, which official Washington has dismissed as a “sham”and refused to recognize.

“We call for the Maduro regime to restore democracy, hold free and fair elections, release all political prisoners immediately and unconditionally, and end the repression and economic deprivation of the Venezuelan people,” Trump said in a statement.

President Donald Trump’s executive ordercovers all transactions on debts owed to the Venezuelan government or its state-owned companies, including oil company Petroleos de Venezuela. The order also prevents the Venezuelan government from liquidating assets where it has a majority ownership. However, it stopped short of imposing sanctions on oil sales, which would have crippled the country’s economy.

“Today’s executive order closes another avenue for corruption that we have observed being used,” one senior US official told reporters on Monday.

US Vice President Mike Pence dismissed the Venezuelan election as “neither free nor fair”and said the “fake process” was a blow to the “proud democratic tradition” of Venezuela.

“America stands against dictatorship and with the people of Venezuela,” Pence said.