Trump administration issues fresh sanctions for Venezuela

US President Donald Trump imposed fresh sanctions on Venezuela on Friday to squeeze the oil-based economy that sustains Venezuelen President Nicolas Maduro.

The sanctions, Trump has signed by executive order, prohibit American financial institutions from providing new money to the government or the state oil company, PDVSA, and could make it harder for embattled Venezuelan President to raise badly needed cash to prevent a debt default.

The U.S. National Security Adviser H.R. McMaster said, "Maduro chose to embrace dictatorship over his own people. With today's announcement, the president is keeping his promise of strong action and continuing to show strong leadership, The Washington Post reported.

The U.S. officials said new restrictions ensure that our financial institutions cannot be used to help finance Maduro's expansion of undemocratic rule.

The U.S. administration is aiming for full democracy in Venezuela, including free elections, adherence to the country's constitution and the reestablishment of the authority of the elected assembly, the officials added.

Earlier on August 17, Venezuelan President Nicolas Maduro had issued an order to the military to prepare to "shoulder arms," in case of a US invasion, Defense Minister Vladimir Padrino Lopez.

"We have received a preparatory order from President Nicolas Maduro to shoulder arms and defend our country," Padrino said during a ceremony in northern Atagua state to mobilize a special rapid response force.

The order comes after US President Donald Trump threatened to conduct a "military option" to oust Venezuela's president and ruling socialist party from power.

Maduro has ordered the army to conduct a round of military drills later this month in response to US President Donald Trump's threat of military action in the crisis-stricken nation.

He has been accused of seeking to consolidate power by packing a controversial new assembly with his allies as inflation spirals out of control and food shortage situation worsens.

The Trump administration slapped sanctions on Venezuelan President Nicolas Maduro after a July 30 vote that allowed the President to replace the opposition-held National Assembly with a new 545-member Constituent Assembly filled with his supporters.