President Donald Trump walks from Marine One across the South Lawn of the White House in Washington, Wednesday, Aug. 23, 2017, as he returns from Reno, Nev. (AP Photo/Carolyn Kaster)
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The Trump administration on Friday slapped sweeping financial sanctions on Venezuela, barring banks from any new financial deals with the government or state-run oil giant PDVSA.The sanctions Trump signed by executive order are bound to dramatically escalate tensions between Venezuela and the U.S. and exacerbate the country's economic crisis.The actions prohibit dealings in new debt and equity issued by the government of Venezuela and its state oil company. They also also prohibit dealings in certain existing bonds owned by the Venezuelan public sector, as well as dividend payments to the government of Venezuela.But they stop short of cutting off U.S. imports of Venezuelan oil that are crucial both to Venezuela's economy and U.S. oil refiners.
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