Venezuela's New Law: Navigating International Waters

Venezuela's National Assembly has passed a law allowing prison sentences up to 20 years for those promoting or financing piracy and blockades. This follows recent U.S. actions against Venezuelan oil shipments. The law aims to secure navigation freedom amid U.S. sanctions aiming to destabilize Venezuela's economy.

The National Assembly of Venezuela, dominated by the ruling party, has unanimously passed legislation that could impose prison terms of up to 20 years for promoting or financing piracy and blockades. This significant development comes after recent seizures of Venezuelan oil shipments by the United States.

U.S. authorities have heightened pressure on President Nicolas Maduro's government. The new law, titled 'Law to Guarantee Freedom of Navigation and Commerce Against Piracy, Blockades, and Other International Illicit Acts,' was introduced by Giuseppe Alessandrello to counter these challenges. This legislation follows Washington's stringent measures against Venezuela's state oil company, PDVSA.

National Assembly President Jorge Rodriguez announced that the bill would be submitted for executive approval and will become effective upon publication in the Official Gazette. As U.S. operations are justified as countering sanctions evasion, tensions between Washington and Caracas remain high, with Venezuela seeing these acts as economic sabotage.

(With inputs from agencies.)