This archive report was first published on 6 August 2019.
On August 5, 2019, US President Donald Trump issued an executive order imposing a sweeping economic embargo on Venezuela, in a bid to weaken President Nicolas Maduro's grip on power.
The order, which took effect immediately, freezes all Venezuelan government-owned assets in the United States and bars transactions with the Venezuelan government.
According to the order, 'these assets are blocked and may not be transferred, paid, exported, withdrawn, or otherwise dealt in.'
The embargo affects the assets owned by the Venezuelan government in the US, including any contributions or provisions of funds, goods, or services to or from the Venezuelan government.
However, the order does allow for humanitarian goods such as medicine, food, and clothing to be provided to the Venezuelan people.
Trump cited 'the continued usurpation of power, human rights abuses, including arbitrary or unlawful arrest and detention of Venezuelan citizens, interference with freedom of expression, and the ongoing attempts to frustrate the Interim President Juan Guaido' as the basis for his decision.
The US has openly declared its support for Guaido, who declared himself interim president, against the incumbent Maduro, who enjoys the support of the military and claims Trump is seeking to exercise imperial influence.
This is the harshest decision yet taken against Maduro, with previous economic sanctions having been imposed since the power struggle began.
According to estimates, 3.3 million people have left Venezuela since 2016, and approximately a quarter of the population requires relief aid.
