Lawmakers in Venezuela on Tuesday passed a bill that criminalizes a range of activities that could hinder trade and commerce in the South American country, such as the seizure of oil tankers.
Anyone who promotes, requests, supports, finances or participates in "acts of piracy, blockades or other international illegal acts" against commercial entities operating in the South American country could face fines and a prison sentence of up to 20 years, according to the amended legislation.
The new law, which was introduced, debated and passed within two months, came after US forces seized two tankers carrying Venezuelan oil in international waters this month.
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It also directs the executive branch to come up with "incentives and mechanisms for economic, commercial and other protections" for national or foreign entities doing business with Venezuela in the event of piracy activities, a maritime blockade or other unlawful acts.
While the parliament endorsed the bill, it will only go into effect after receiving approval by President Nicolas Maduro.
The South American country had called for an emergency UN Security Council meeting focusing on its escalating conflict with the US, wherein its UN Ambassador Samuel Moncada accused the US of acting "outside international law."
"What right does the United States government have to appropriate, to date, almost 4 million barrels of Venezuelan oil?" Moncada asked, referring to the cargo of the two seized tankers.
"This alleged naval blockade is essentially a military act aimed at laying siege to the Venezuelan nation... causing internal chaos to facilitate aggression by external forces," he added.
Several countries also expressed concern about violations of international maritime law, and China and Russia accused the United States of "bullying" and "cowboy-like conduct" towards Venezuela in the heated emergency UN meeting. A smaller number of nations, including Panama and Argentina, supported the US in the meeting.
At the UN meeting, the US said that it will impose sanctions to the maximum extent to deprive Venezuelan President Nicolas Maduro of resources that Washington accuses him of using it to fund Cartel de Los Soles.
"Maduro's ability to sell Venezuela's oil enables his fraudulent claim to power and his narco-terrorist activities," US envoy Mike Waltz told the 15-member council.