President Trump issued an executive order late Monday freezing all U.S.-based assets of Venezuela's government, sharply escalating economic measures aimed at pushing President Nicolás Maduro from power. The executive order immediately applies to all property and assets of Venezuela's government and its officials, prohibits any U.S. companies or individuals from dealing with them, and threatens retaliation for any foreign company or individual that does business with them. Currently, China and Russia still conduct significant business with Venezuela.
Under the new order, Venezuela joins Cuba, Iran, North Korea, and Syria as the only countries under full U.S. embargo. In a letter to Congress, Trump said the new steps were needed "in light of the continued usurpation of power by the illegitimate Nicolás Maduro regime, as well as the regime's human rights abuses, arbitrary arrest and detention of Venezuelan citizens, curtailment of free press, and ongoing attempts to undermine Interim President Juan Guaidó," whom the U.S. and other Western nations have recognized as Venezuela's legitimate leader.
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