Venezuela’s socialist President Nicolas Maduro signaled Monday that he’d seek direct talks with President Trump over his nation’s escalating political crisis; asking to speak with the Commander-in-Chief after the White House issued strict new economic penalties against his regime.

The Trump administration unveiled a new round of crippling sanctions against Venezuela’s government-owned oil industry this week; “blocking” $7 billion in energy assets as the local economy crumbles.

“Maduro is open to talks with President Donald Trump, his foreign minister, Jorge Arreaza, said Monday,” reports ABC News.

“Today’s designation of PDVSA will help prevent further diverting of Venezuela’s assets by Maduro and preserve these assets for the people of Venezuela,” Treasury Secretary Steven Mnuchin said during a White House news conference. “The path to sanctions relief for PDVSA is through the expeditious transfer of control to the interim president or a subsequent democratically elected government who is committed to taking concrete and meaningful actions to combat corruption.”

This is a developing story. Check back for updates.