announced As a reaction to the power struggle in Venezuela, the US sanctions against state Oil company PDVSA. The government in Caracas had a parallel exchange rate system, in order to reduce black market operations.
U.S. Treasury Mnuchin announced the punitive measures.
Trump government has imposed sanctions against the state Oil company of Venezuela. The National security adviser, John Bolton and Minister of Finance Steven Mnuchin announced the measures against the group, PDVSA. The Freezing of assets, which can have the company in the U.S. jurisdictions.
Oil from Venezuela, should be under the sanctions regime continues to be purchased, the payments need to be made to blocked accounts. The regulations are also intended to ensure that U.S. refineries, which directly depend on oil Supplies from Venezuela may continue to be operated.
US-subsidiary limited legal capacity
the U.S. subsidiary of PDVSA, CITGO, may not continue their business, as long as the appropriate payments to blocked accounts and not the of the US no longer recognized the socialist government of Nicolás Maduro to flow. The punitive measures should remain in force until a transition government or a democratically elected government in the South American country was in office, said Mnuchin.
The Oil sector is the backbone of the economy in Venezuela. In the country the largest Oil reserves in the world. The economy depends about 90 percent of the revenue from the Oil. The national security Advisor to John Bolton said he expected that assets to the value of seven billion dollars (six billion euros) will be frozen and within a year, eleven billion dollars in export earnings were lost.
interim President wants to control foreign assets
President Juan Guaidó want to prevent the Madureo-government access to foreign assets.
Venezuela’s self-proclaimed interim President Juan Guaidó announced at the same time, to take control over the foreign assets of the state. This should be prevented, according to his words, the government enriched according to their possible overthrow.
Venezuela liberalized exchange rate system
Venezuela announced, however, that the Central Bank of the country will admit a parallel exchange rate system. The private money house Interbanex can handle from now on, foreign exchange transactions in the socialist country. On the first day of trading, the Bank fixed the exchange rate to 3200 Venezuelan Bolivar per Dollar. This meant a devaluation of nearly 35 percent compared to the official exchange rate of the Central Bank of 2084 Venezuelan Bolivar per Dollar. The Interbanex course price is approximately on the black market. The exchange rate will be determined by supply and demand, the company said.
Venezuela is in a deep economic crisis. For the current year, the International monetary Fund (IMF) is expecting an inflation rate of 1.37 million percent, the gross national product is expected to break according to the forecast by a further 18 per cent.
In which country a makes raging battle between Maduro and the opposition to the President of Parliament Guaidó. After a failed uprising by the national guard and the protests of the Opposition had declared that it would Guaidó to the interim President. Although the United States and a number of other States have been behind Guaidó. However, the Venezuelan military is so far behind Maduro.
United States to warn of violence against the Opposition, 28.01.2019 Guaidós Plan on going so far, 28.01.2019 Venezuela rejects the Ultimatum of the Europeans, 27.01.2019 Atlas |USA |Washington D. C.
