Reliance had in March capped oil purchases from the Latin and halted selling diluent.
As Trump spoke, a Venezuelan delegate pretended to read a book about South American independence hero Simon Bolivar.
The 57-year-old braved freezing temperatures and marched into the picturesque town of Ushuaia, which is surrounded by snowcapped mountains and known as the world's southernmost city.
The Wall Street Journal said the move was first such against a Western Hemisphere government in over 30 years and imposes restrictions on Caracas similar to those faced by North Korea, Iran, Syria.
Pageant opts to not publish contestants' measurements, Thalia Olvino takes home Miss Venezuela crown
In the past, pageant presenters would tell the audience the exact size of each contestant, many of whom underwent cosmetic surgery and followed strict diets to achieve the supposedly ideal physique.
In an interview provided to foreign reporters in Rio this month, Brazilian Vice President Hamilton Mourao said that the solution to the Venezuelan crisis demands dialogue among the different actors.
Protesters said they were heeding the opposition's call for another mass demonstration despite the heavy-handed response by security forces over the last week to quell anti-government protests.
Expressed in the previous "strong bolivar" currency in effect until Monday, it amounts to a hike from 248,210 to 6,000,000 to the dollar.
John Boquett, a firefighter captain in Caracas, said there were no initial reports of injuries or major damage in the capital.
Opposition critics slammed the plan as inadequate in the face of inflation that topped 82,000 percent in July and called for a one-day halt of commercial activities.
Priests have had to adapt and start accepting donations by card payments rather than the traditional passing around of a wicker basket for churchgoers to drop in some coins, or even notes.
Oil-rich Venezuela has been in an economic freefall since a drop in oil prices in 2014 left a gaping hole in the country's finances.
Maduro, who has systematically sidelined the opposition as he tightens his grip over his troubled nation, accuses the opposition and Colombia of being behind Saturday's drone "attack."
Last year, the European Union hit the Venezuelan vice-president and 10 other officials with sanctions over rights abuses and irregularities in the re-election of Maduro.
Venezuela arrests six terrorists over attack on President Nicolas Maduro as opposition fears reprisals
Venezuela's socialist government alleged Sunday that the detained suspects conspired with others in Miami and the capital of neighbouring Colombia, though they offered no specific evidence.