Oil revenue down 99% due to US sanctions, but Iran helping: Maduro. Image Source: IANS News

Caracas, June 19 : Venezuelan President Nicolas Maduro said that his country has been forced to implement a "war economy" to confront US sanctions and promote the development of productivity.

The President said in a Bloomberg interview on Friday that the nation has had to "allow the operation of the (US) dollar for trade exchange", which has been very positive, but the official currency (of the bolivar) "will once again play a strong and dominant role in the economic and commercial life of the country", reports Xinhua news agency.

In the face of economic "aggressions", the government has had to react with a broad vision, the President said.

The aim of today is the development of national production, he said in the interview broadcast by the state-owned Venezolana de Television.

Maduro also said that he sought to "reconstruct relations with the ruling elites in Washington" and "rebuild the paths of dialogue and understanding".

For over 15 years, the US has imposed sanctions in response to activities of the Venezuelan government and Venezuelan individuals.

The earliest sanctions imposed related to Venezuela's lack of cooperation on anti-drug and counter-terrorism efforts.

The former Barack Obama administration had imposed targeted sanctions against individuals for human rights abuses, corruption, and anti-democratic actions.

Former President Donald Trump had also significantly expanded economic sanctions.

As of January 22, 2021, the Treasury Department has imposed sanctions on roughly 166 Venezuelan or Venezuelan-connected individuals.

Meanwhile, the State Department has revoked the visas of more than 1,000 individuals and their families so far.

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