14:10 GMT31 October 2020
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    WASHINGTON (Sputnik) - The United States has designated seven individuals and numerous entities over Venezuela-related sanctions, the US Department of Treasury said on its website on Tuesday.

    "Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is issuing Venezuela-related sanctions", the Treasury Department said.

    The sanctions will affect seven people and almost two dozen entities, including the privately held Globovision Tele, one of the biggest broadcasters in the country.

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    "The following companies were designated or blocked today for being owned or controlled by the aforementioned individuals… Globovision Tele CA, Corp. is registered in Miami, Florida", OFAC added.

    According to the Treasury Department, the sanctioned Venezuelans — faced with a shortfall in their bolivar currency needed to fund government projects — went to black-market exchange houses to sell dollars at a higher than official rate.

    The alleged scheme generated more than $2.4 billion in proceeds, which went to government-approved exchange houses and ultimately to the officials themselves, who stashed the money in US and European bank accounts and investments, the Treasury Department said.

    "Our actions against this corrupt currency exchange network expose yet another deplorable practice that Venezuela regime insiders have used to benefit themselves at the expense of the Venezuelan people", Treasury Secretary Steven Mnuchin said in a statement.

    The new wave of restrictions comes after Washington last year imposed sanctions on Venezuelan ministers, as well as Cilia Adela Flores de Maduro — President Nicolas Maduro's wife.


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    sanctions, Treasury Department’s Office of Foreign Assets Control (OFAC), US Department of the Treasury, US, Venezuela
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