All Venezuelan government assets in the United States has been frozen by the Donald trump led government.
The United States government decided to go on with its threat after several warning given to President Nicolas Maduro to step down from office.
They also accused Maduro’s government of human rights abuses, arbitrary arrest and detention of Venezuelan citizens and curtailment of free press.
Washington also frowns at ongoing attempts to undermine Interim President Juan Guaido and the democratically elected Venezuelan National Assembly.
Maduro won a second term in a disputed election in 2018 and had so far presided over an economic disaster, with hyperinflation and goods shortages driving millions of people abroad.
Guaido declared himself interim president in January and immediately won widespread international support.
The announcement came a day ahead of the International Conference for Democracy in Venezuela in the Peruvian capital Lima, a meeting of representatives from than 50 countries seeking to find a peaceful solution to the crisis in Venezuela.
Trump’s hawkish National Security Advisor John Bolton is to represent the U.S. at the meeting.