U.S. condemns Venezuela elections, imposes new sanctions

U.S. President Donald Trump signed another round of economic sanctions against Venezuela on Monday striking at its oil business by banning U.S. citizens and residents from buying Venezuelan debt for cash.

The sanctions prohibit involvement in the purchase of any debt owed to the Venezuelan government, including accounts receivable, particularly related to oil sold by the OPEC member, a senior administration official told reporters on a conference call. Trump has previously imposed individual and economic sanctions on Venezuela’s government, accusing it of rights abuses and corruption.

Monday’s action is intended to step up pressure on Venezuela’s socialist President Nicolas Maduro, who won re-election on the weekend in a vote that the United States and other countries condemned as a farce.