The Trump administration has imposed fresh sanctions on three Venezuelans and 20 companies who have links on socialist President Nicolas Maduro for narcotics trafficking. The new sanctions are in line with the increased measures of US on all the individuals who are linked with President Maduro.
Trump administration has held the Maduro government responsible for the devastating state of the economy which has led to deep recession and hyperinflation and has spiralled food shortages thereby forcing people to leave the country. The recent sanctions have hit low-key individuals and will not have any significant impact on the economy. The US is also considering imposing sanctions on oil services in Venezuela including the on the insurance cover for tankers which are carrying oil.
Mike Pence, Vice-President of United States of America has stated while his address to the 35-nation Organization of American States to take more firm measures to isolate Maduro. He said that all free nations should step-up their actions to support the people of Venezuela and talk tough to their oppressors. He also urged the OAS member nations to suspend the membership of Venezuela and completely isolate Venezuelan leaders from financial systems in addition to their restriction on visas.
Pence has also called on Maduro to suspend the May 20 elections as there were high chances of voter intimidation and manipulation of data. Latter was immediately rejected by Caracas. The companies which have come under latest sanctions are based both in Venezuela and in Panama.