Business Top Stories

Russia And China Criticized New US Sanctions Against Venezuela

Russia and China strongly condemned the U.S. sanctions executed on Venezuela, with assuring support to the beleaguered President Nicolas Maduro. Sergey Lavrov—Minister of Foreign Affairs, Russia—stated that the sanctions fully undermined confidence in an international economy that is influenced by the U.S., according to Russian news agency Interfax. Lavrov further added, “Russia is doing everything possible to back the lawful administration of Maduro, stating the U.S. sanctions against PDVSA—Venezuelan state energy firm—as “distrustful.” Kremlin representative Dmitry Peskov asserted that the restrictions persists an “unconcealed interference in Venezuela’s internal dealings,” stating them “illegal.”

The U.S. government declared sanctions against the energy firm PDVSA recently in a bid to destroy the socialist dictator and President Nicolas Maduro, who is adhered to power in the middle of a leadership battle. In the past week, Juan Guaido—Opposition Leader of the National Assembly of Venezuela—named himself as provisional president following street protests against Maduro. The U.S. identified that claim and has been cheering support for government change in Venezuela, a country smacked by the economic regulations of Maduro. Lately, China also gave its opposition to sanctions, stating the U.S. should bear accountability for their outcomes. Geng Shuang—Foreign Ministry spokesman—asserted to Reuters that historical experience showed overseas interference “only turns situations more complex. The US’ sanctions on Venezuela would lead to the worsening of conditions on people’s lives.”

On a similar note, previously, Trump approved sanctions on Venezuelan energy company PDVSA. These sanctions have enforced the most significant financial pressure on Venezuela’s beleaguered President. Steve Mnuchin—Treasury Secretary—and John Bolton—National Security Adviser—declared the sanctions against PDVSA from the White House’s briefing room. Bolton said, approximately $7 Billion in assets and will result in over $11 Billion in lost assets in the next year.

About the author

Jamie Jones

Jamie Jones

The Business department at Global News Journal is handled and managed by Jamie. she has 5 plus years of experience in the related sector. She has done her Masters in Business Administration and hence is a perfect fit for this job. If anybody has any doubt in the business section, they look up at Jamie. And she totally solves it. In her free time, Jamie loves sipping coffee at her favorite coffee shop.

Leave a Comment