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How does the blockade against Venezuela manifest? Part I

Since the coming to power of the Bolivarian Revolution, with the election of Hugo Chavez as President in 1998, Venezuela is in the sights of U.S. interests in the continent and occupies a privileged place – as a priority target – in its strategy of global domination.

This strategy has undergone a period of acceleration since 2015, when President Barack Obama issued the Executive Order considering Venezuela as an “unusual and extraordinary threat to the U.S. national security and foreign policy”.

With the Executive Order 13692 of March 2015, extended since then by both Barack Obama and Donald Trump, the U.S. regimen legalized what was previously an unofficial policy, executed through financial, political, media, paramilitary and diplomatic covert operations, as Wikileaks and hundreds of declassified documents of the U.S. government have shown.

Trump’s Administration, influenced by powerful lobbies of Florida State and commercial interests like those of the oil company Exxon Mobil, has intensified its policy of hostility and has openly stated its intention to remove the legitimate Government of Venezuela from power by any possible method.

Few months ago, Donald Trump himself stated that he had all options open against Venezuela, including among these options, an oil embargo and an eventual military intervention.

The U.S. has defined Venezuela as a “hemispheric enemy” and implements an undeclared war against our country. A war whose objective is the destruction of the Venezuelan democratic model, the annihilation of the people’s movement and the leadership on which the Bolivarian Revolution is based, and the retake and takeover of Venezuela’s immense natural wealth.

Since 2017, the U.S. chose to punish Venezuela by applying unilateral and coercive measures (sanctions), particularly in the economic and financial field. These unfair and illegal measures, which have no grounds and violate Public International Law, include the following:

– Prohibition of entry into U.S. territory.
– Freezing and seizure of financial assets, accounts in the U.S. financial system and assets that such individuals may own in the United States.
– Prohibition of commercial or financial contact or relations with U.S. entities.
– Sanctions, initially imposed by the OFAC (Office of Foreign Assets Control, agency of the Treasury Department), has been legitimized by special decrees of Trump’s administration. In all cases, these sanctions have been extended to the relatives of the sanctioned individuals.

As of 2018, individual sanctions have been extended to include general aspects of the economic or financial managemen t o f the Venezuelan Government, such as:

• Prohibition of individuals and entities of the U.S. financial sector to carry out operations with bonds of the sovereign debt of the Bolivarian Republic of Venezuela, and in general, with any financial instrument issued or belonging to the Venezuelan Government, such as the bonds of the PDVSA company.

• Prohibition of individuals and entities of the U.S. financial sector to carry out operations or transactions with the “Petro” (Venezuelan crypto-currency), any crypto-currency or monetary instrument of this nature issued or endorsed by the Venezuelan Government.

These sanctions against Venezuela have produced the following effects:

– Interference of the country’s international trade, preventing it from having access to food, medicines and essential goods.

– Blocking of accounts, financial operations and transactions, thus preventing or hampering international payment transactions of the legitimate commitments of the Republic, as well as preventing collect operations from international clients of Venezuela.

– Freezing or withholding of legitimate financial resources of Venezuela in banks and other financial entities.

– Delays in the management of buying and selling operations, affecting not only the Government and Venezuelan companies but also their foreign business partners.

It is worth noting that, even though Trump’s administration has not reached its mid-term, four rounds of sanctions have already been issued against Venezuela. The general objective of these sanctions is to hit Venezuelan economy, promote an international trade collapse, by blocking and hindering Venezuela’s financial transactions, preventing the country from accessing to funding sources and sabotaging the purchase of food, medicines and essential goods; all this with the aim of causing an internal economic crisis which could be used as an excuse to undertake destabilizing actions in the political field.

  • Countries: Latin America

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