President Donald J. Trump has signed an Executive Order imposing strong, new financial sanctions on the dictatorship in Venezuela.

The Maduro dictatorship continues to deprive the Venezuelan people of food and medicine, imprison the democratically-elected opposition, and violently suppress freedom of speech. The regime’s decision to create an illegitimate Constituent Assembly—and most recently to have that body usurp the powers of the democratically-elected National Assembly—represents a fundamental break in Venezuela’s legitimate constitutional order.

In an effort to preserve itself, the Maduro dictatorship rewards and enriches corrupt officials in the government’s security apparatus by burdening future generations of Venezuelans with massively expensive debts. Maduro’s economic mismanagement and rampant plundering of his nation’s assets have taken Venezuela ever closer to default. His officials are now resorting to opaque financing schemes and liquidating the country’s assets at fire sale prices.

As Vice President Mike Pence has said, in Venezuela, “we’re seeing the tragedy of tyranny play out before our eyes.” No free people has ever chosen to walk the path from prosperity to poverty. No free people has ever chosen to turn what was once, and should still be, one of South America’s richest nations into its poorest and most corrupt.

We will not stand by as Venezuela crumbles. The President’s new action prohibits dealings in new debt and equity issued by the government of Venezuela and its state oil company. It also prohibits dealings in certain existing bonds owned by the Venezuelan public sector, as well as dividend payments to the government of Venezuela.

To mitigate harm to the American and Venezuelan people, the Treasury Department is issuing general licenses that allow for transactions that would otherwise be prohibited by the Executive Order. These include provisions allowing for a 30-day wind-down period; financing for most commercial trade, including the export and import of petroleum; transactions only involving Citgo; dealings in select existing Venezuelan debts; and the financing for humanitarian goods to Venezuela.

These measures are carefully calibrated to deny the Maduro dictatorship a critical source of financing to maintain its illegitimate rule, protect the United States financial system from complicity in Venezuela’s corruption and in the impoverishment of the Venezuelan people, and allow for humanitarian assistance.

The United States is not alone in condemning the Maduro regime. Through the Lima Declaration of August 8, our friends and partners in the region refused to recognize the illegitimate Constituent Assembly or the laws it adopts. The new United States financial sanctions support this regional posture of economically isolating the Maduro dictatorship.

The United States reiterates our call that Venezuela restore democracy, hold free and fair elections, release all political prisoners immediately and unconditionally, and end the repression of the Venezuelan people. We continue to stand with the people of Venezuela during these trying times.