The Biden administration is ratcheting up pressure on President Daniel Ortega’s authoritarian rule in Nicaragua, banning Americans from doing business in the nation’s gold industry, threatening trade restrictions and stripping the U.S. visas of some 500 government insiders
President Joe Biden pauses at the top of the stairs as he boards Air Force One at Andrews Air Force Base, Md., Thursday, Oct. 20, 2022, en route to Pennsylvania. MIAMI — — The Biden administration is ratcheting up pressure on President Daniel Ortega’s authoritarian rule in Nicaragua, threatening a ban on Americans from doing business in the nation’s gold industry, raising the possibility of trade restrictions and stripping the U.S. visas of some 500 government insiders.
The executive order also paves the way for the U.S. to restrict investment and trade with Nicaragua — a move recalling the punishing embargo imposed by the U.S. in the 1980s during Ortega’s first stint as president following the country’s bloody civil war. She also read a letter from Ortega congratulating China President Xi Jinping who was named to another term as head of the ruling Communist Party Sunday, in which Ortega questioned the “aggressive imperial ambition” of the west.
The Biden administration's targeting of the gold industry could sap Ortega's government of one of its biggest sources of revenue. Gold was the country's largest export in 2020 and the country, already the largest producer of the precious metal in Central America, is looking to double output in the next five years.
The Toronto and London-listed Condor has permits to build and operate three open pit mines, the most advanced of which is believed to hold 602,000 ounces of gold worth nearly $900 million at current prices. Condor is partly owned by a company belonging to American mining engineer who has worked for decades in the country.
As part of Monday's actions, the Treasury Department also froze the U.S. assets of Reinaldo Lenin Cerna, who it describes as a close adviser to Ortega. According to the Treasury Department, Cerna was the head of state security during Ortega's first presidency and allegedly helped carry out the assassination of the head of security for former dictator Anastasio Somoza.
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