Venezuela temporarily suspended the sale of U.S. dollars through its Dicom auction system, following an announcement last week that it was moving away from the greenback in response to U.S. sanctions. The United States in August prohibited dealings in new debt from Venezuela and state oil company PDVSA in response to the creation of a new legislative super-body that critics call the consolidation of a dictatorship.
Venezuela's monthly inflation rate jumped to 33.8% in August, with food price rises reaching hyperinflationary levels above 50%, the opposition-controlled National Assembly said on Thursday.
Spain is pushing for the European Union to adopt restrictive measures against members of the Venezuelan government as a way of encouraging a return to constitutional order in the crisis-hit country, the Spanish foreign ministry said on Tuesday.
Venezuela's President Nicolás Maduro has said that a preliminary analysis shows that new financial sanctions imposed by the United States will lead to a halt in oil exports to the US. President Trump's order bans trade in Venezuelan debt and blocks its state oil firm from selling bonds in the US.
Venezuela's recently ousted chief prosecutor accused President Nicolas Maduro and several allies on Wednesday of participating in acts of corruption, saying she would turn over proof that would help other countries prosecute. Venezuela's government quickly fired back, accusing Luisa Ortega Diaz of grave moral and ethical infractions.
The British Minister for Europe and the Americas, Sir Alan Duncan, strongly condemned the decision from the Venezuela Constituent Assembly announcing it will take over the established National Assembly's powers.
Venezuela’s high court issued an arrest order for the ousted chief prosecutor’s husband on Thursday after authorities accused him of running a US$6 million extortion ring, a ruling promptly denounced by government critics as a move aimed at silencing opponents of President Nicolas Maduro.
U.S. President Donald Trump's threat of military intervention in Venezuela was “an act of craziness,” the country's Defense Minister Vladimir Padrino said on Friday. Venezuela's foreign ministry was expected to issue a statement on Saturday responding to Trump's comment that “a possible military option” was under consideration for the crisis-racked nation.
The extreme volatility of Venezuela's exchange rate has the crisis-hit country's shop owners hurriedly marking up their merchandise and consumers balking at the higher price tags. Just last week, the Bolivar currency fell around 70% on the black market, according to DolarToday, the opaque U.S.-based website that dictates the black market rate.
Washington imposed sanctions on eight Venezuelan officials on Wednesday for their role in creating an all-powerful legislative body loyal to President Nicolas Maduro, while a mayor-turned-fugitive called for more anti-government protests. The new U.S. sanctions targeted politicians (including a brother of ex leader Hugo Chavez) and security figures but stopped short of actions against Venezuela's vital oil industry.