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US Threatens to Ban Venezuelan Oil

US Threatens to Ban Venezuelan Oil

Tillerson specifically said Maduro needs to dissolve the Constituent Assembly, which was created past year and quickly sacked the country's attorney general, who was a critic of Maduro. Late last week Tillerson suggested the US would support the Venezuelan military toppling the elected government of Nicolás Maduro.

Secretary of State Rex Tillerson, who is on a South American tour, told reporters in Argentina's capital Buenos Aires the U.S. could prohibit Venezuelan oil imports and restrict exports of oil or US-refined products to Caracas.

Venezuela has announced the issuance of an oil-backed cryptocurrency, petro.

State-owned China Daily by saying said there is a "perception gap" between the US and China. Sanctions from the United States have also done the same against several officials.

The announcement was made during a meeting with Argentinian Foreign Minister Jorge Faurie, after concerns were raised about funds being collected for Hezbollah amongst the country's large Lebanese expatriate community. "Is it a step that might bring this to an end more rapidly?", Tillerson added, referring to the potential ouster of democratically elected Maduro. "We are prepared, Venezuela, workers of the oil industry, imperialism threatens us, we are ready to be free and no one is going to stop us", he declared.

"And then, if he is not re-elected by the people, so be it", Tillerson said.

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Secretary of State was showing "disdain" for approach to by saying that the far east nation was assuming the role of "new imperial powers" alongside over the weekend.

President Donald Trump has been in office just one year, so the blame isn't exclusively on him and his protectionist policies.

"[While] over there visiting Argentina, Rex Tillerson just threatened us with an oil embargo". Analysts have noted that this is a way of bypassing U.S. sanctions and is similar to an ordinary bond. "We have advocated that they return to the constitution", he stated, adding that Maduro's political fate will depend on the outcome of elections.

Also, the Los Angeles Times reports that several Latin American countries, including Mexico, had earlier voiced their concerns about Trump's intent to renegotiate the North American Free Trade Agreement (NAFTA), warning that they may reconsider their cooperation with the U.S. on other matters if the deal breaks down.

Maduro has accused the United States and its allies of trying to undermine his socialist government.