The U.S. has slapped Venezuela with new sanctions in an even stronger push against Nicolas Maduro’s regime. President Donald Trump’s executive order for Venezuela goes after major sources for the financing of the “dictatorship.”

Trump's Executive Order For Venezuela
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Trump’s executive order for Venezuela widens sanctions

In a statement, the White House stated that it couldn’t “stand by as Venezuela crumbles. White House Press Secretary Sarah Huckabee Sanders stated that the Maduro regime “continues to deprive the Venezuelan people of food and medicine” while also putting the opposition in prison even though many of those arrested were elected democratically. She also said that his region is still “violently” suppressing Venezuelans’ freedom of speech.

Trump’s executive order for Venezuela is aimed at keeping the nation’s government from issuing new equity and debt. The White House is also trying to keep dividends from being paid to the government and bar dealings on bonds that currently exist.

Provisions for the Venezuelan people

However, Trump’s executive order for Venezuela also contains some provisions specifically for Americans and Venezuelan citizens. According to the White House statement, the U.S. Treasury will issue licenses so that some transactions that would otherwise be blocked due to the new sanctions will be able to continue. The Trump administration explained that these provisions will “mitigate harm” to Venezuelans and keep the U.S. financial system from being complicit in Maduro’s corruption and impoverishment of his nation’s citizens.

Trump’s executive order for Venezuela includes a wind-down period of 30 years and financing for the majority of commercial trade, which includes petroleum imports and exports. Transactions that involve only Citgo will also be allowed, as will dealings in certain current Venezuelan debts and financing to support the delivery of humanitarian goods to the South American nation.

Today’s press statement also accuses his “dictatorship of rewarding and enriching “corrupt officials in the government’s security apparatus by burdening future generations of Venezuelans with massively expensive debts.” The statement also accuses Maduro of “mismanagement and rampant plundering of his nation’s assets.” It adds that his actions have moved Venezuela closer and closer to default.

Trump’s executive order for Venezuela is the next step

Multiple nations have condemned the actions of Maduro’s regime, and because of all the corruption that appears to be running rampant in Venezuela, the nation’s currency has been virtually worthless for quite some time, even plunging below the value of gold in the popular online game World of Warcraft earlier this month.

Today’s new sanctions widen the White House’s efforts to push back against the Maduro regime. The U.S. Treasury slapped Maduro himself with sanctions last month, accusing him of attempting to undermine law and order and democracy in the South American nation. Washington has also slapped sanctions on a number of individuals who are connected with the regime.

According to the Financial Times, the White House has also been considering a ban on the trade of some of the Venezuelan government’s debts and also Petroleos de Venezuela, which is the nation’s state-run oil company. As recently as the 1970s, the nation was the wealthiest Latin American country with a higher GDP than that of Spain, Israel and Greece due to its massive oil reserves, which are nearly seven times bigger than the oil reserves in the U.S.