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Venezuela’s national assembly on Thursday passed a decree proposed by President Nicolas Maduro’s government to declare a state of economic emergency in response to U.S. sanctions and tariffs.
In March, the administration of U.S. President Donald Trump began suspending authorizations for oil companies operating with Venezuela’s state-owned PDVSA and imposed secondary tariffs on crude oil and gas exports.
Maduro signed the decree on Tuesday, citing constitutional powers to declare states of exception, suspend constitutional guarantees and impose a state of alarm during national emergencies.
The emergency decree “aims to accompany national production” said Vice President and Oil Minister Delcy Rodriguez during the presentation of the document.
The decree seeks to allow agile decisions to be taken in the face of scenarios that affect the economy and the rise in prices, she added.
The United States has set a deadline of May 27 for oil companies operating in Venezuela, including U.S.-based Chevron, Italy’s Eni, and Spain’s Repsol, to wind down their operations and exports.
Maduro and his government have always rejected sanctions by the United States and others, saying they are illegitimate measures that amount to an “economic war” designed to cripple Venezuela.
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