US Sanctions Won't Stop Venezuela, But Still Do Damage - Governor of Miranda

"In general, the sanctions do not stop us but make the development more expensive. At the same time, this urges us to change technologies and [look for new] partners — not only political but economical as well", Rodriguez said.

He added that the country was currently going through a tough period.

"But at the same time this is a possibility for Venezuela to finish the process of liberation — not only in terms of politics but also in terms of the economy and technology", Rodriguez specified.

READ MORE: Coup D'etat Is Against Venezuela's Constitution — Guaido Representative to OAS

Venezuela is currently in a state of political and economic crisis, with Juan Guaido, the head of the opposition-controlled Venezuelan National Assembly, having declared himself the country's interim president last Wednesday. Since the United States and several allies instantly recognised Guaido, incumbent leader Nicolas Maduro has accused Washington of orchestrating a coup in Venezuela.

On 28 January, US National Security Adviser John Bolton announced that the United States was imposing sanctions against Venezuelan state-owned oil company PDVSA, banning deals with the company and blocking $7 billion in PDVSA's assets. US Treasury Secretary Steven Mnuchin told reporters that by blocking PDVSA's assets, the United States was preserving the company in the interests of the Venezuelan people and taking measures to protect its own market.