Economics

As U.S. Digs In at Embassy, Venezuela Military Supports Maduro

Socialist party official threatens to shut off utilities
U.S. is recognizing leader of opposition as rightful president

Juan Guaido and Nicolas Maduro both say they are president of Venezuela. Bloomberg’s Patricia Laya reports.Markets: The Open." (Source: Bloomberg)

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By Daniel Cancel and Fabiola Zerpa

January 24, 2019 at 12:58 PM UTC

Updated on

January 24, 2019 at 6:27 PM UTC

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A standoff is developing at the U.S. Embassy in the Venezuelan capital after a top Socialist Party official threatened to shut off electricity to the complex amid a growing power dispute in the oil-rich nation.

President Nicolas Maduro quickly severed diplomatic ties with the U.S. on Wednesday after Donald Trump publicly backed the opposition’s Juan Guaido as the legitimate leader of Venezuela and gave U.S. diplomats 72 hours to leave the country. Secretary of State Mike Pompeo responded to Maduro by saying the U.S. doesn’t recognize his authority and therefore won’t pull its staff, prompting Diosdado Cabello, a close Maduro ally, to make the threatening comments.