The Constituent Assembly Authorized Maduro to Secretly Sign Oil Agreements to Deal With U.S. Sanctions

The committee of Venezuela's constituent Assembly approved a law Wednesday that allows President Nicolas Maduro to privately sign new oil deals with private companies and other countries in response to U.S. sanctions.

Maduro submitted the anti-blockade bill to the constituent Assembly last week, Reuters reported Wednesday. "We can give President Maduro the legal tools to continue to fight the blockade (by the U.S.)." Said Diosdado Cabello, President of Venezuela's Constituent Assembly and deputy head of the ruling United Socialist Party. The report said the assembly is a parallel legislative body created by President Maduro to bypass the opposition-controlled National Assembly.

U.S. Secretary of State Mike Pompeo said he has ordered new sanctions against Venezuelan President Nicolas Maduro, accusing Both Iran and Venezuela of "ignoring the United Nations arms embargo" for nearly two years. In response, the Russian satellite news agency Sputnik reported on September 22 that venezuela's Foreign Ministry issued a statement denouncing U.S. sanctions against President Nicolas Maduro as an "act of aggression."

The Venezuelan government is reportedly facing serious financial problems because of falling oil production and U.S. sanctions that limit crude oil exports.

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