The executive order signed by Trump goes well beyond the sanctions imposed in recent months against Venezuela’s state-run oil company PDVSA [PDVSA.UL] and the country’s financial sector, as well as measures against dozens of Venezuelan officials and entities.
Trump’s action, the toughest yet against Maduro, not only bans U.S. companies from dealings with the Venezuela government but also appears to open the door to possible sanctions against foreign firms or individuals that assist it.
Russian and Chinese companies are among those still doing significant business in the South American OPEC nation.
“All property and interests in property of the Government of Venezuela that are in the United States … are blocked and may not be transferred, paid, exported, withdrawn, or otherwise dealt in,” according to the executive order released by the White House.
The scope of the announcement came as a surprise even to some Trump administration allies. “This is big,” said Ana Quintana, senior policy analyst with the Heritage Foundation, a conservative Washington think tank.
Quintana said it appeared the order would be a sweeping embargo on doing business with Venezuela, although she was awaiting further details.
Venezuela’s Information Ministry did not respond immediately to a request to comment.
The United States and most Western nations have called for Maduro to step down and have recognized Venezuelan opposition leader Juan Guaido as the country’s legitimate president.
Guaido, accused by Maduro of mounting a U.S.-directed coup attempt, appointed a board for Citgo Petroleum, Venezuela’s most important foreign asset, earlier this year.