Report: Trump Administration Considering Secondary Sanctions on Venezuela

The Trump administration is considering increasing sanctions pressure on Venezuela by imposing sanctions on companies from third countries that do business with President Nicolas Maduro and the Venezuelan regime, according to a March 29 report by Reuters. The potential move was announced by John Bolton, White House national security adviser, who told Reuters the administration is moving in the “direction” of secondary sanctions.

While no secondary sanctions have yet been imposed, according to Reuters, the administrations has already taken significant steps to isolate the regime, adding special designations in January on its state-run oil company, Petróleos de Venezuela, S.A., and in March on its state-run bank, Banco de Desarrollo Económico y Social de Venezuela (see 1903250014).

Citing Trump’s Venezuela envoy Elliott Abrams, Reuters said U.S. officials have had “conversations” with “oil trading houses” and other governments to “convince them to scale down their dealings with Maduro.” The administration is also considering additional sanctions “to respond to Russia’s growing military presence in Venezuela,” Bolton told Reuters.