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  • The U.S. government previously launched an attack on the resources of Venezuela through direct sanctions levied against PDVSA.  

    The U.S. government previously launched an attack on the resources of Venezuela through direct sanctions levied against PDVSA.   | Photo: Reuters

Published 23 March 2019

The new sanctions aim to block the implementation of social and productive plans promoted by the public and private economic agents of Venezuela.

The Bolivarian Republic of Venezuela strongly rejects the unilateral, coercive, arbitrary and illegal measures announced by the United States President Donald Trump’s administration to immobilize the South American country.

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These measures, the Nicolas Maduro-led government stated in a release, serves to “directly attacks the heart of the finances of the Venezuelan people,” and in so doing “demonstrates the imperial hypocrisy.” 

The United States president, days earlier, had issued threats to impose the sanctions on the Banco de Desarrollo Economico y Social de Venezuela (Bandes) and its subsidiaries located in neighboring countries, namely Banco Prodem in Bolivia and Banco Bandes Uruguay.

The new sanctions on the financial sector intend to block the implementation of social and productive plans promoted by the public and private economic agents of Venezuela.

The government said that, amid the new sanctions, “the Bolivarian Republic of Venezuela will remain firm in the defense of their independence and political, economic and cultural sovereignty.”

The release from the Venezuelan government further noted that the United States continues to purport proven disingenuous offers of “humanitarian aid, while attacking the sources of generations of Venezuelan resources.”

Venezuela rejects illegal coercive measures imposed by the U.S. to the Bandes.

The sanctions will affect more than 23 million individuals, and public and private companies within the Bolivarian Republic of Venezuela, including two main commercial banks: Banco de Venezuela and Banco Bicentenario del Pueblo.

“No desperate supremacist action, contrary to the purposes and principles of the Charter of the United Nations, will succeed in breaking the will of the Venezuelan people,” the release declared.

The U.S. government previously launched an attack on the resources of Venezuela through direct sanctions levied against Petroleos de Venezuela, S.A (PDVSA).  

In addition to Bandes, the Trump administration now vows to cripple other “important Venezuelan financial institutions,” with an aim to curtail the Bolivarian Republic’s “right to its integral development and to the sustainability of its national and international financial system.”

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