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China opposes sanctions against Venezuela, says US will be responsible for consequences China opposes sanctions against Venezuela, says US will be responsible for consequences
(about 3 hours later)
China has said that the US will bear responsibility for sweeping sanctions it imposed on Venezuela, warning Washington of repercussions and reiterating support for the embattled President Nicolas Maduro, RIA Novosti reports. China has thrown more weight behind embattled Venezuelan President Nicolas Maduro, stressing that it supports him even despite the perils he faces and making clear that fresh US sanctions will only make life worse for Venezuelans.
“We stand against one-sided sanctions. History shows that foreign interventions or sanctions only make the situation more complicated, being unable to solve the problem,” Geng Shuang, spokesman for the Chinese Foreign Ministry, told a regular press briefing on Tuesday. President Maduro, who is attempting to bring the lingering turmoil under control and resist the US-led pressure, has received a new sign of support from Beijing. Asked if China is sticking with Maduro, Geng Shuang, spokesman for the Chinese Foreign Ministry, said: “We have sent President Xi Jinping’s special envoy to attend inauguration ceremony of President Maduro.”
The diplomat added that Beijing recognizes Maduro as the legitimate head of state, despite all the pressure being put on him. He noted that Chinese leader Xi Jinping sent his envoy to Maduro’s inauguration earlier in January, and said that this was a strong sign of support for Venezuela. “If we didn’t recognize him, why did we need to attend it?” he asked rhetorically. The comment came only a day after the US slapped Venezuela with a package of sanctions targeting state oil company Petróleos de Venezuela SA (PDVSA).
“Would we be able to do so if we didn’t recognize him?” Geng asked rhetorically. China believes the US restrictions will do more harm to ordinary people’s lives than the government, Geng argued. In all, Washington “should bear responsibility for the serious consequences [stemming] from this.”
On Monday, Washington announced a package of sanctions targeting Venezuela’s state oil company, Petroleos de Venezuela SA (PDVSA), claiming that it would prevent “further diversion” of assets by “former president Maduro.” Announcing the sanctions, the White House officially declared that they would serve to prevent the elected government from using oil revenues to cement power. However, there might be another, more robust rationale behind escalating the Venezuelan crisis.
The fresh restrictions will freeze $7 billion in assets and cause more than $11 billion in lost export revenues throughout the next year. CIA World Factbook says Venezuela has the world’s biggest proven crude oil reserves leaving behind Saudi Arabia, Canada, Iran and Iraq. And as Bush-era arch-hawk John Bolton put it, the US had “a lot at stake” in Venezuela’s affairs. 
The sanctions will “aggravate people’s welfare and [the US] should bear responsibility for that,” he stated. “It will make a big difference to the United States economically if we could have American oil companies invest in and produce the oil capabilities in Venezuela,” he told Fox Business host Trish Regan. 
China is one of Venezuela’s biggest trading partners and political allies, but its response to the crisis was rather measured. Previously, the Foreign Ministry urged outside actors to observe Venezuelan sovereignty and not to meddle with its domestic affairs. China, for its part, has also much to lose if events in Venezuela get out of control. Beijing has lent more than $50 billion to Caracas through loan agreements over the past ten years, securing energy supplies for its economy. Just last year, Venezuela received a hefty Chinese loan worth $5bn and joined Beijing’s New Silk Road Initiative.
“China is opposed to foreign interference in Venezuela’s affairs, in particular the threat of military interference,” Foreign Ministry spokesperson Hua Chunying said last week, adding that Beijing will continue “to support the efforts made by the Venezuelan government to uphold national sovereignty, independence and stability.” The Asian power is one of Venezuela’s biggest trading partners and political allies, but its previous response to the crisis was quite reserved. As the crisis unfolded, it continuously called outside actors to observe Venezuelan sovereignty and not to meddle with its domestic affairs.
READ MORE: OpSec fail or unspoken threat? Bolton’s ‘5,000 troops’ notepad line ups ante for Venezuela The confrontation between government and opposition forces in Venezuela escalated when opposition leader Juan Guaido declared himself to be interim president after calls for regime change from Washington. The 35-year-old was largely unknown outside Venezuela until the beginning of this year, but he now enjoys the backing of the US, Israel, Canada, Australia and a number of South American countries.
The confrontation between government and opposition forces in Venezuela escalated when opposition leader Juan Guaido declared himself to be acting the president after calls for a regime change from Washington. The 35-year-old was largely unknown outside Venezuela until the beginning of this year, but he now enjoys the backing of the US, Israel, Canada, Australia and a number of South American countries. However, the Maduro government has China, Russia, Turkey, Iran, Belarus and South Africa on its side. These nations have demanded that countries following the US lead drop attempts to interfere in Venezuela’s affairs.
China, Russia, Turkey, Iran, Belarus and South Africa have supported Maduro instead, saying they will continue working with his government.
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