Uhuru-Spirit News


August 27, 2017 | Uhuruspirit

ALBA Leaders

The Bolivarian Alliance for the Peoples of Our America, ALBA, has firmly rejected as illegal the economic and financial sanctions announced by the United States government against Venezuela.

"These actions, which violate the most basic principles of international law, do not constitute a contribution to solving the situation in Venezuela but aggravate it and affect the quality of life of the Venezuelan people," the statement said.

Venezuela's Foreign Minister Jorge Arreaza posted the document on his Twitter account and said it was a repudiation of U.S. economic aggression.

ALBA reiterated its solidarity with Venezuela and called on the international community to speak out against the "extraterritorial and unilateral, violation of international law."

U.S. President Donald Trump signed an executive order on Friday to immediately implement the sanctions which directly target the nation's economy.

The new measures ban trades of Venezuelan debt and prevents the country's state-run oil company, Petroleos de Venezuela SA, or PDVSA, from selling new bonds to U.S. citizens or financial groups.

Trades of existing bonds commissioned by Caracas will also be barred.

The new sanctions include a 30-day transitional period, allowing certain debt trades to continue.

They also include exemptions for transactions involving Citgo, PDVSA's U.S. affiliate.

Cuba and Bolivia have criticized the measures.

While Venezuela's President Nicolas Maduro said they are illegal, and the first to suffer will be U.S. investors because 62 percent of Venezuelan government bonds are held by them.

Another 12 percent are held in the UK and 6 percent in Canada.

Trump, Maduro said, has burnt their investments and posed the question "What will they do with them now?."

- telesur

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