Sanctions on Venezuela: From Maximum Pressure to Partial Relief with Delcy Rodríguez
International sanctions against Venezuela enter a new phase after years of maximum pressure, with partial relief driven by Donald Trump and changes after Delcy Rodríguez came to power.
TL;DR
- Economic sanctions against Venezuela, initiated by the US in 2015 and strengthened between 2017-2019, blocked access to financial markets, restricted debt, and targeted the oil industry.
- Venezuela is organizing a nationwide "pilgrimage" from April 19 to May 1 to protest and demand the lifting of these sanctions.
- The US, EU, Canada, Switzerland, and the UK have been key implementers of economic and financial measures against Venezuela's state apparatus and Chavista officials.
- Sanctions have restricted oil exports, isolated Venezuela from the international financial system, and affected trade, investment, and the state's payment capacity.
- The Venezuelan government claims over $230 billion in oil revenue was lost due to sanctions.
- Most sanctions targeted the state oil company PDVSA, the state financial system, mining (especially gold), and froze state assets abroad.
- A shift in sanctions policy has occurred with the "capture" of Nicol ás Maduro by US troops and Delcy Rodríguez's rise to power, moving towards selective relief.
- The Trump administration authorized operations with the Central Bank of Venezuela and allowed foreign companies to operate in the energy sector under specific conditions.
- The EU is debating adjustments to its sanctions policy, with Spain proposing the removal of individual sanctions against Delcy Rodríguez.
- Despite some relief, structural restrictions on oil and state financing persist, with Venezuelan state funds and assets, including gold reserves and Citgo assets, remaining frozen or under control.
- Individual sanctions against Chavista figures remain in place.