U.S. Issues Travel Warning for Venezuela Amid Economic Sanctions Review
On Saturday, the U.S. Department of State issued a travel advisory urging citizens not to visit Venezuela and recommending that those currently in the country leave immediately due to a deteriorating security situation.
The department's official statement highlighted that "verified reports indicate that armed groups, known as colectivos, are establishing roadblocks and inspecting vehicles for signs of American citizenship or support for the U.S.," thereby placing American citizens in jeopardy.
In a significant economic update, U.S. Treasury Secretary Scott Biesen announced that the United States may soon impose additional sanctions on Venezuela to facilitate oil sales.
He noted that approximately five billion dollars in Special Drawing Rights assets from the International Monetary Fund, currently frozen, could be utilized to assist in the reconstruction of Venezuela's economy.
During a visit to a facility of Winnebago Industries, Biesen emphasized that the Treasury Department is contemplating measures to allow the return of proceeds from oil sales stored on ships back to Venezuela, stating: "We will lift sanctions on the oil that will be sold."
These developments coincide with the Treasury Secretary's efforts to engage with leaders of the International Monetary Fund and the World Bank to discuss re-establishing relations with Venezuela, a move that could lead to the easing of economic sanctions and stimulate the local economy.
