The re-election of Donald Trump to the presidency of the United States has many in Venezuela extremely concerned. From assassinations, terror campaigns, sanctions and coups, the first Trump administration tried everything short of a full-scale invasion of the country. With a cabinet full of hawks, MintPress assesses the potential for a future U.S. intervention in Venezuela.
Part 4 - Sanctions, Piracy, and Kidnapping
The most far-reaching U.S. action against Venezuela, however, has been the punishing sanctions regime. The economic blockade of the country – which includes intimidating foreign nations and businesses into ceasing trading with Venezuela – devastated the country, leading to huge shortages of goods. Although some sanctions have been in place since 2004, they were drastically expanded under the Trump administration.
Alfred de Zayas, an (American) United Nations Special Rapporteur who visited the country in 2018, likened the blockade to a “Medieval Siege” and estimated that, in the space of just a few years, more than 100,000 Venezuelans had been killed as a result. De Zayas labeled it a crime against humanity.
In addition to the sanctions, the U.S. launched huge financial and cyberattacks against the country’s infrastructure. In this, it found a willing partner in the Bank of England, which froze over $1.2 billion in gold belonging to Venezuela.
Alfred de Zayas, an (American) United Nations Special Rapporteur who visited the country in 2018, likened the blockade to a “Medieval Siege” and estimated that, in the space of just a few years, more than 100,000 Venezuelans had been killed as a result. De Zayas labeled it a crime against humanity.
In addition to the sanctions, the U.S. launched huge financial and cyberattacks against the country’s infrastructure. In this, it found a willing partner in the Bank of England, which froze over $1.2 billion in gold belonging to Venezuela.
As a result, the Venezuelan economy nosedived, inflation ran rampant, and without the ability to purchase spare parts to maintain their machines, the country’s oil industry sputtered to a halt. And when Iranian oil tankers arrived in the Caribbean to supply Caracas with much-needed fuel, the U.S. Navy seized them, in an extraordinary case of international piracy.
Iran proved to be a key ally in breaking the U.S. stranglehold and reviving the nation’s economy. Angered by this, Washington attempted to put a stop to Iran-Venezuela cooperation. In 2020, it kidnapped Venezuelan businessman Alex Saab while he was returning from Tehran on diplomatic business, holding him hostage for three years until a prisoner exchange was agreed upon.
Sanctions and economic war are designed, according to the State Department, to “decrease monetary and real wages, to bring about hunger, desperation and overthrow of government.” Yet Venezuela has shown significant signs of recovery. Inflation has dropped to manageable levels, and oil and food production are increasing. Furthermore, the blockade itself has united the country against a foreign threat. One survey found that 82% of the public reject the sanctions.
Iran proved to be a key ally in breaking the U.S. stranglehold and reviving the nation’s economy. Angered by this, Washington attempted to put a stop to Iran-Venezuela cooperation. In 2020, it kidnapped Venezuelan businessman Alex Saab while he was returning from Tehran on diplomatic business, holding him hostage for three years until a prisoner exchange was agreed upon.
Sanctions and economic war are designed, according to the State Department, to “decrease monetary and real wages, to bring about hunger, desperation and overthrow of government.” Yet Venezuela has shown significant signs of recovery. Inflation has dropped to manageable levels, and oil and food production are increasing. Furthermore, the blockade itself has united the country against a foreign threat. One survey found that 82% of the public reject the sanctions.
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