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Trump blocks Maduro's "dictatorship" from U.S. banks

President Trump hit Venezuela with a new round of sanctions Friday, signing an executive order geared at weakening President Nicolas Maduro’s “dictatorship,” the White House said.

National security adviser H.R. McMaster called the new round of sanctions a clear demonstration that “the United States will not allow an illegitimate dictatorship to take hold in the Western hemisphere at the expense of its people.”

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The sanctions, which restrict the country and its state oil company from accessing the U.S. financial system, are the latest response to what U.S. UN Ambassador Nikki Haley has called a “sham” election organized by President Maduro in July to seize more power for himself.

Critics accuse Maduro of taking an increasingly authoritarian stance to hold onto power amid a broad political crisis that has seen widespread violence, food and medical supplies shortages, and starvation.

The sanctions will make it harder for the oil-rich nation to seek funding for itself and its floundering state oil company, PDVSA. These measures could push the country to further align itself financially with Russia and China, who have given Venezuela loans in the past. PDVSA has held secret talks with Russia’s state oil company in recent months about a potential bailout, Reuters reported.

Maduro has said he will visit Russia soon.

“These measures are carefully calibrated to deny the Maduro dictatorship a critical source of financing to maintain its illegitimate rule, protect the United States financial system from complicity in Venezuela’s corruption and in the impoverishment of the Venezuelan people,” the White House said in a statement.

This is hardly the first time the White House has taken a tough stance on Maduro’s embattled government. In late July Trump’s administration introduced sanctions on Maduro as well as current and former Venezuelan officials. And earlier this month, he offhandedly threatened the country with military action.

NSC chief McMaster appeared to walk back such threats Friday, telling reporters during a White House press briefing that “no military actions are anticipated in the near future.”