USA sanctions against Venezuela won't work, warns Beijing - RT Business

Posted August 29, 2017

National security advisor HR McMaster followed suit, saying "no military actions are anticipated in the near future".

Two weeks after Trump threatened military action against Venezuela, the Venezuelan military starts two days of military exercises across the country.

On Friday, US President Donald Trump signed an executive order that prohibits dealings with Venezuela, a measure taken to halt financing what the White House called President Nicolas Maduro's "dictatorship".

Leaders of the fractious opposition coalition boycotted the July 30 election of the assembly.

More news: US Open to Dialogue Despite N. Korea's Provocation

"To greater democracy in Venezuela, the empire responds with more aggression", Padrino Lopez said, promising that the armed forces will support the government in standing up to the sanctions announced the previous day by Washington.

The sanctions prohibit negotiations on new debt and capital issued by Venezuela and the state-owned oil company, PDVSA. Maduro had sharply criticized foreign news coverage of the country and its months-long political crisis.

Trump warned earlier this month that the United States was mulling a range of options against Venezuela, "including a possible military option if necessary".

Maduro said Trumps want Venezuela to default, but that it won't happen.

More news: More Voters Trust Media Over Trump

Since the assembly was seated, it has voted by acclamation to oust the nation's outspoken chief prosecutor, take lawmaking powers from the opposition-controlled congress and create a "truth commission" that many fear will be used to silence the government's political opponents.

Venezuela's unique economic crisis has left the country with a widespread food and medicine shortage.

A senior administration official in Washington told reporters that the U.S. was trying "to create a series of escalatory measures that we can take".

Ever since Maduro announced there would be a Constituent National Assembly, countries from around the world - especially from the Americas - raised their voices to reject such actions as they consider them to be unconstitutional and awful for Venezuela's - already weak - democracy and division of power. "Economic war, pressures and blackmail are illegal". Venezuela had money at Bank New York Mellon, which officials confirmed had been intended for military spending. Important organizations such as the European Union, the United Nations and the Organizations of American States expressed in several occasion their rejection towards a new constituent assembly and the incredible violence of the national forces against the protesters.

More news: Zinke Set to Reveal Decision on Fate of National Monuments

The government and state oil company have about $4 billion in debt payments coming due before the end of the year but only $9.7 billion in global reserves on hand, the vast majority consisting of gold ingots that are hard to trade immediately for cash.