For the first time in three decades, Washington is imposing a full economic embargo on a government in the Western Hemisphere as it continues to try to drive Venezuelan leader Nicolas Maduro out of power.
Speaking at a meeting of foreign leaders in Lima, Peru, on Tuesday, U.S. national security adviser John Bolton said the dramatic economic measure _ rolled out late Monday _ will force Maduro, 57, to capitulate.
"Not since an asset freeze against the (Manuel) Noriega government in Panama in 1988, a trade embargo on Nicaragua in 1985, or the comprehensive asset freeze and trade embargo on Cuba in 1962 have we taken this action," Bolton said. " In each of these instances, we used robust economic tool against dictatorships that were destroying their countries with corruption, violence, and repression."
"It worked in Panama, it worked in Nicaragua once, and it will work there again, and it will work in Venezuela and Cuba," he said.
President Donald Trump late Monday signed an executive order that freezes all Venezuelan government assets in U.S. jurisdictions and prohibits all transactions with the government unless specifically exempted.
Critically, the order also authorizes sanctions against foreign companies and individuals who provide support, goods or services to the Venezuelan government or any of the more than 200 people and businesses who have been flagged over the years by the U.S. government. It also further restricts Venezuelan officials from entering the United States.
Washington had already taken moves to restrict Venezuela's oil and gold sales _ the nation's economic lifelines _ but the new measures represent a dramatic escalation.
"We are taking this step to deny Maduro access to the global financial system, and to further isolate him internationally," Bolton said. "In addition, we are sending a signal to third parties that want to do business with the Maduro regime: proceed with extreme caution. There is no need to risk your business interests with the United States for the purposes of profiting from a corrupt and dying regime."
Outside of Cuba, the United States has used similar economic sanctions on the governments of Iran, North Korea and Syria. "Now, Venezuela is part of this very exclusive club of rogue states," Bolton said.
Venezuela called the new sanctions an act of "economic terrorism."
"Washington's Executive Order intends to formalize the criminal economic, financial and commercial embargo that's already in place, and which has caused deep wounds in Venezuelan society," the country's Foreign Ministry said in a statement. "Its objective is to strangle the people of Venezuela and force an unconstitutional change in the government of our country."
Maduro has long blamed U.S. "economic warfare" for his nation's troubles, including hyperinflation and sporadic food and medicine shortages.
Even so, this week's sanctions carve out exemptions for food, clothing, medicine and other humanitarian aid that the South American nation desperately needs.
"The United States will use every appropriate tool to end Maduro's hold on Venezuela, support the Venezuelan people's access to humanitarian assistance, and ensure a democratic transition in Venezuela," The White House press secretary said in a statement. "The United States has taken great care to safeguard the Venezuelan people's access to humanitarian goods, and will continue to work closely with its partners to safeguard peace and security in the Western Hemisphere."
The renewed economic pressure comes as the United States and more than 50 other nations have been trying to force Maduro to step down. They consider the head of Venezuela's opposition-controlled congress, Juan Guaido, the country's legitimate leader. But Maduro still has powerful backers, including Russia, China and Cuba.
On Tuesday, Bolton said the United States will keep ramping up sanctions on Cuba to break its ties with Venezuela. And Bolton suggested that Russian and Chinese interests in Venezuela revolve around money.
"To both Russia and China, we say that your support to the Maduro regime is intolerable, particularly to the democratic regime that will replace Maduro," Bolton said. " We say again to Russia, and especially to those who control its finances: 'Do not double down on a bad bet.' To China, which is already desperate to recoup its financial losses, the quickest route to getting repaid is to support a new, legitimate government."
Bolton made the comments at the International Conference for Democracy in Venezuela, an event being held in Peru's capital that has drawn representatives from more than 50 nations.
One of the main concerns in the region has been Venezuelan migration. The country's economic, political and social collapse has forced more than 4 million Venezuelans to flee in recent years. This week's economic sanctions could potentially swell those numbers.
In a tweet, Guaido defended the new measures, saying they were the consequence of "an arrogant, unfeasible and indolent usurpation" of power by Maduro and his cronies.
"Those who ... are benefiting from the hunger and pain of Venezuelans should know that it has consequences," he added.
Bolton said the economic measures were needed to rein in a "tyrant" who has tortured, killed and imprisoned political opponents and doubled down on failed strategies as the nation has gone hungry.
Last week, Washington sanctioned several individuals, including Maduro's stepsons, for stealing money from a Venezuelan government program designed to provide food to the country's neediest.
"In this hemisphere, it is our moral imperative to defend our neighbors against any threat, internal or external, that undermines peace, security, and prosperity," Bolton said. "Maduro has been hoping the world would just let him tap, tap, tap the opposition along, while he continued to oppress and steal and kill for his private gain. But, Maduro is at the end of his rope."
