US sanctions Venezuelan state-owned gold mining company

By Michael Hernandez

WASHINGTON (AA) - The U.S. on Tuesday blacklisted Venezuela's state-owned gold mining company CVG Compania General de Mineria de Venezuela CA, or Minerven, in its latest effort to clamp down on the country's gold trade.

Minerven President Adrian Antonio Perdomo Mata was also designated in a pair of actions the Treasury Department said are aimed at curtailing Venezuela's "illicit gold operations that have continued to prop up the illegitimate regime of former President Nicolas Maduro".

"We will aggressively pursue those involved with Maduro’s reckless illicit gold trade which is contributing to this financial, humanitarian and environmental crisis," Treasury Secretary Steven Mnuchin said in a statement.

The Treasury Department said the mining and sale of gold has been one of the Venezuelan government's "most lucrative financial schemes in recent years".

Minerven is the only state processor of gold in Venezuela, it said.

Any property owned by Minerven or its president is subject to U.S. jurisdiction and U.S. citizens are generally prohibited from doing business with them as a result of Tuesday's blacklistings.

Venezuela is in the throes of a humanitarian and political crisis.

National Assembly President Juan Guaido declared himself the country's interim president in January, insisting Venezuelan President Nicolas Maduro step down from power.

The U.S. and dozens of other nations have recognized Guaido as Venezuela's rightful leader as Maduro insists he is the target of a U.S.-orchestrated coup.

The political stalemate comes as Venezuela grapples with a worsening economic crisis that has led to widespread shortages of goods throughout the country and which has seen Venezuela's national power grid collapse for a week.

Venezuela's economy has been in precipitous decline following a global downturn in the price of crude oil, the country's main export.

Turkey, Russia, Iran, Cuba, China and Bolivia have maintained their support for Maduro.