Trump's new sanctions mean sacrifice but open opportunities:Venezuela's president

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Sat, 26 Aug 2017 - 09:51 GMT

Venezuela's President Nicolas Maduro talks to the media during a news conference at Miraflores Palace in Caracas - REUTERS

Venezuela's President Nicolas Maduro talks to the media during a news conference at Miraflores Palace in Caracas - REUTERS

CARACAS - 26 Aug 2017: President Nicolas Maduro has invited US investors to Caracas to discuss a response to US President Donald Trump's new sanctions, which target Venezuela's financial sector and the state oil company, PDVSA.

President Maduro says the new financial sanctions imposed by the US president on Venenzuela are illegal, and the first to suffer will be US investors, Venezuelan channel Telesur reported.

He said the prohibition on US citizens and companies buying Venezuelan bonds and securities, is an attempt to strangle Venezuela's economy. "Can the world accept this?" he asked, and called for solidarity from the world community.

He recognized that the sanctions will mean sacrifice for the Venezuelan people. But he said they also open up the opportunity for a new era of independence.

The new sanctions are the first by the US to target the Venezuelan economy itself rather than individuals. President Trump reportedly signed the executive order containing the measures on Thursday night, but they were announced early on Friday.

The sanctions 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 US citizens or financial groups. Trades of existing bonds commissioned by Caracas will also be barred.

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