The White House announced Friday that President Trump has signed an executive order imposing new sanctions on Venezuela.
The action bars U.S. banks from buying new bonds from the Venezuelan government and its state oil company PDVSA, or Petroleos de Venezuela. The order also limits the trading of some existing bonds that are owned by Venezuela’s public sector.
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“We will not stand by as Venezuela crumbles,” the White House said in a statement.
The Treasury Department has already issued a wide range of sanctions against Venezuelan President Nicolas Maduro and his associates after he moved to consolidate power in July.
Related: Wall Street bank bans some Venezuelan bonds
Shortly thereafter, the U.S. Treasury Department froze all Maduro’s assets subject to U.S. jurisdiction and prohibited all U.S. citizens from dealing with him.
CNNMoney (New York) First published August 25, 2017: 11:57 AM ET