Approves Economic Sanctions, Arms Embargo Against Venezuela

Nicolas Maduro Says Venezuala Will Pay Debt

Nicolas Maduro Says Venezuala Will Pay Debt

But the EU has been divided over whom to target. "Even with great sacrifice, we have paid every penny of our debt service".

The move follows Washington slapping punitive sanctions on Caracas after labelling Maduro a "dictator" and as Venezuela scrambles desperately to restructure its debt - estimated at up to $150 billion - to stave off default.

Derivatives industry association ISDA said on Tuesday it has received a question from investors as to whether the Republic of Venezuela is in default due to a late payment of coupons on sovereign bonds.

Those few investors who bothered to show up had few expectations for the meeting, which from the start was clouded in confusion.

Britain sold £1.4 million ($1.83 million) worth of arms to Venezuela between May 2010 and March 2017, according to The Campaign Against Arms Trade, which lobbies to end arms sales to repressive governments. The vice president is accused of being a major drug trafficker.

Last Thursday, the U.S. imposed financial sanctions on 10 current and former Venezuelan officials because of corruption and abuse of power allegations related to Maduro's crackdown on the opposition.

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. One said he couldn't get a visa on such short notice and another reported planning to send an intern, citing the lack of information. "There's nothing. Just crickets".

Also Monday, at an informal meeting to discuss Venezuela at the U.N. Security Council, U.S. Ambassador Nikki Haley called Venezuela "an increasingly violent narco-state" that threatens the world.

The European Union approved economic sanctions, including an arms embargo on Venezuela Monday. The weapons ban would stop sales of military equipment that could be used for repression or surveillance of Venezuelans.

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