The US government has imposed financial sanctions on Venezuela’s president, Nicolás Maduro, after the election of a new legislative body to redraft the country’s constitution in an election.
Sanctions freeze Venezuelan president’s "assets under US jurisdiction" and prevent US citizens from "doing business" with him. According to Reuters, the US is still considering broader sanctions against Venezuela’s oil industry.
The Venezuelan government largely relied on revenues from oil, its major export, to fund social programs.
Maduro had dismissed the US warning of sanctions and emphatically reinstated his position at a rally on Sunday, saying that the Venezuelan government was interested in what its people had to say rather than the opinion of US President Donald Trump.
On Sunday, Venezuelan President Nicolas Maduro’s government held elections for delegates to a national constituent assembly that would be involved in rewriting the country’s constitution. Ten people were reported killed during protests that broke out during the vote.
A group of foreign countries, including the United States, have opposed the vote and refused to recognize its results. Washington introduced anti-Maduro sanctions.
