Venezuela Declares Economic Emergency Amid U.S. Sanctions

Venezuela's national assembly approved a state of economic emergency due to U.S. sanctions. The U.S. imposed tariffs and suspended oil company operations with PDVSA. President Maduro cited constitutional powers to declare this measure to counteract economic challenges and stabilize national production.

On Thursday, Venezuela's national assembly passed a decree declaring a state of economic emergency, proposed by President Nicolas Maduro's government. This measure is a response to U.S. sanctions and tariffs impacting the economy.

In March, the Trump administration started suspending authorizations for oil companies operating with Venezuela's PDVSA and imposed secondary tariffs on crude oil and gas exports. President Maduro signed the decree on Tuesday, exercising constitutional powers for such exigencies to manage national emergencies effectively.

Vice President and Oil Minister Delcy Rodriguez explained that the decree intends to bolster national production and enable swift decision-making amid economic instability and rising prices. The U.S. has set a May 27 deadline for oil companies like Chevron, Eni, and Repsol to cease operations in Venezuela. Maduro's government views these sanctions as part of an 'economic war' against the country.

(With inputs from agencies.)