Donald Trump alleges Nicolás Maduro's regime is using "stolen oil fields" to fund "drug terrorism". Follow Newsweek's live blog

The announcement by Trump comes less than a week after the U.S. seized an oil tanker in waters near Venezuela.

Along with the blockade, Trump said he has formally designated Venezuela's Maduro and his government allies a foreign terrorist organization.

ANALYSIS — Two words have been missing from the Trump administration’s tough-talking, Navy-deploying policy toward Venezuela: or else. While President Donald Trump and some top aides have expressed deep concerns about Venezuelan President Nicolás Maduro,

President Trump’s approach to foreign policy in Venezuela is presenting a stark contrast with his approach to other countries as he seeks to escalate tensions with the South American country.