Venezuela launches Investigation into self-declared president Juan Guaido
The Venezuelan Supreme Court have retaliated against opposition leader and self-declared interim president Juan Guaido, as US sanctions pose a threat to Venezuela’s fragile economy.
Tensions are on the rise in Venezuela, as the government launches an investigation into self-declared interim president Juan Guaido, freezing his bank accounts and imposing a travel ban.
Venezuela’s Supreme Court retaliated against Guaido, as oil sanctions imposed by the US threaten Venezuela’s already fragile economy.
Supreme Court President Maikel Moreno, announced the investigation on Wednesday saying the travel ban and the financial restrictions were taken expressly to "protect the integrity of the country."
US and allies recognise Guaido as president
It comes after the US and most countries in the Western hemisphere officially recognised Guaido as president, presenting a challenge to current president Nicolas Maduro.
At a Caracas rally last week, Guaido said, Maduro had usurped his power.
‘I swear to assume all the powers of the presidency to secure an end to the usurpation,’ He said, addressing the crowd.
Shortly after his announcement US president Donald Trump declared Guaido the official president of Venezuala. Shortly after Canada, Brazil and Colombia followed suit.
Guaido has accused Maduro of fraudulently winning his second term last year, after six years in office.
While, Maduro accused Guaido of staging a US lead coup against him, sparking protests on both sides. Russia and China are also key players in the conflict, giving Maduro diplomatic backing at the United Nations security council.
Violent protests erupt on the streets
Guaido called for more protests on Wednesday and a mass march on the weekend, putting pressure on Maduro and his supporters.
According to the United Nations human rights office, violent protests have already led to the deaths of more than 40 people.
Government supporters have also attended large rallies led by Maduro's political allies, while the president visited military bases.
Venezuelan attorney general Tarek Saab launched the preliminary investigation of Guaido on the basis that he had helped foreign countries interfere in internal matters.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
Please see important Research Disclaimer.
Start trading forex today
Trade the largest and most volatile financial market in the world.
- Spreads start at just 0.6 points on EUR/USD
- Analyse market movements with our essential selection of charts
- Speculate from a range of platforms, including on mobile
Live prices on most popular markets
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.