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Approves Economic Sanctions, Arms Embargo Against Venezuela

14 Noviembre 2017

Investors eager to be paid back, however, worry that confusion clouds the meeting.

In Brussels earlier in the day, the European Union banned arms sales to Venezuela and set up a system to slap asset freezes and travel restrictions on Venezuelan officials as it seeks to ramp up pressure on Maduro.

Spain has long pushed for sanctions on those close to Maduro, but the EU has been divided over whom to target. He pointed out that since taking office in 2013, Venezuela has made more than $70 billion in debt payments, including more than $2 billion in the past month.

Venezuelan President Nicolas Maduro said on Sunday (11/12/2017) that his country would not face default in debt. "Let all creditors be clear".

On the other hand, restructuring is also difficult because the same sanctions prohibit investors to negotiate with a number of state officials who now sit as members of a commission that takes care of debt.

The country's oil-dependent economy spiraled into crisis after world oil prices began a plunge in 2014, and it has been hit further by the U.S. sanctions.

"The state has fully honored its national and international commitments, especially with regard to external debt service", El Aissami said in a televised broadcast.

By the end of Friday's workday, Dallen said, one of several U.S. investors he represents told him he couldn't get a visa on such short notice and another reported planning to send an intern, citing the lack of information.

Strained relations between Venezuela and the United States are compounding the situation.

But in a sign the Trump administration might be willing to soften its stance, the Treasury Department said last week that it would consider allowing Americans to deal in new debt if any restructuring plan was backed by Venezuela's opposition-controlled congress, whose authority has been steadfastly ignored by Maduro's government. "There's nothing. Just crickets".

Representatives of Maduro's government were due to meet investors in Caracas on Monday to discuss renegotiating $60 billion in foreign debt.

Approves Economic Sanctions, Arms Embargo Against Venezuela