Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Rio Treaty' Nations to Cooperate on Sanctions on Venezuela's Maduro

share with twitter share with LinkedIn share with facebook
09/23/2019 | 09:05pm EDT

By Courtney McBride

NEW YORK -- Western Hemisphere nations voted Monday to employ a regional treaty to impose sanctions against embattled Venezuelan leader Nicolás Maduro, accusing his regime of criminal activity including drug trafficking and money laundering.

In a meeting convened by the Organization of American States, 16 of the 19 states party to the Inter-American Treaty of Reciprocal Assistance, a 1947 pact known as the Rio Treaty, backed using the pact to collaborate on law-enforcement operations and economic sanctions against Mr. Maduro and his associates.

Only Uruguay opposed the resolution, while Trinidad and Tobago abstained and Cuba was absent.

A senior State Department official earlier had expressed confidence that the resolution would secure the requisite 13 votes for passage.

Colombian Foreign Minister Carlos Holmes Trujillo, who chaired the session, touted the "immense majority" by which the resolution was approved, and said it marks the start of a broader effort to hold Mr. Maduro's regime accountable.

Government officials in Caracas didn't immediately comment on the vote.

But in recent weeks Mr. Maduro and his aides have publicly denounced the Rio Treaty, warning that the U.S. could use it to justify military intervention.

The approval of the resolution, on the sidelines of the United Nations General Assembly, follows the initial invocation last week of the Rio Treaty by Venezuelan opposition leader Juan Guaidó, the U.S. and 10 other countries.

The Rio Treaty was created as a means of mutual defense for Western Hemisphere countries and was last employed after the Sept. 11, 2001, terrorist attacks on the U.S.

Secretary of State Mike Pompeo said last week that the invocation of the treaty signals an understanding that the situation in Venezuela threatens the security of the entire region and requires a collective response.

Many of the countries that are party to the treaty lack statutes by which they could impose sanctions on their own. The treaty provides those countries with a mechanism to sanction Mr. Maduro's regime, absent passing new laws internally.

The Rio Treaty vote followed a meeting earlier Monday by members of the Lima Group, composed of Latin American countries and Canada, which has called on Mr. Maduro to resign.

Participants didn't address potential military involvement, such as blockading Venezuelan ships or aircraft.

While some Rio Treaty signatories had called for the insertion of language explicitly ruling out military action, the U.S. resisted such a measure, with a senior State Department official on Monday calling it "superfluous."

Signatories, whose foreign ministers met in New York, agreed to ask the OAS to continue monitoring the situation, and to reconvene within two months.

The senior State Department official disputed contentions that the U.S. government has lost interest in Venezuela, saying the administration this week would "demonstrate through words, through meetings and through action" its commitment to the effort.

The official predicted that President Trump would address Venezuela during his General Assembly speech on Tuesday.

--Kejal Vyas contributed to this article.

Write to Courtney McBride at courtney.mcbride@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
JUST GROUP PLC 6.85% 51.55 Delayed Quote.-38.63%
MCBRIDE PLC 4.00% 62.4 Delayed Quote.-32.20%
MEMBERS CO., LTD. -2.13% 1378 End-of-day quote.-39.48%
WILL GROUP, INC. -0.48% 628 End-of-day quote.-49.84%
share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
05:38pAtlantia makes new offer to Italy government in motorway dispute - source
05:36pTrump says he signed executive order ending preferential treatment for Hong Kong
05:36pFed officials warn on 'thick fog' ahead for U.S. economy as recovery concerns deepen
05:31pUK plans recommending masks in all public places - The Telegraph
05:26pTexas coronavirus deaths rise by 87 on tuesday to 3,322 total -state health dept
05:26pTexas covid-19 current hospitalizations rise by 164 to record high of 10,569 total on tuesday -state health dept
05:26pTexas coronavirus cases rise by 10,745 on tuesday to 275,058 total, breaking previous record increase of 10,351 on july 11 -state health dept
05:24pUtilities Up As Income-Seeking Investors Rotate Out Of Treasurys -- Utilities Roundup
05:22pCommunications Services Gains Capped As Geopolitical Tensions Threaten 5G Network Plans -- Communications Services Roundup
Latest news "Economy & Forex"