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Venezuela faces oil sanctions under new Trump term: what to expect?

by admin January 26, 2025
January 26, 2025
Venezuela faces oil sanctions under new Trump term: what to expect?

Recent polls show that Venezuelans are overwhelmingly opposed to sanctions, with 65% against those implemented during Trump’s first term.

This widespread refusal represents an essential viewpoint: locals believe that the cantions bring more pain than solutions.

In this context, political expert Pablo Quintero explained that the resentment of people is rising, saying that the sanctions have not only resulted in humanitarian crises but have brought about a feeling of abandonment to people who perceive no progress in their living conditions.

He argued that the people have become collateral victims in a political struggle in which they have not participated.

The performance of sanctions: an uncertain strategy

Economic sanctions—primarily used as a unilateral coercive measure—have been pushed by many political parties in Venezuela, particularly opposition leaders, as a strategy for bringing about change.

Nonetheless, as Quintero argues, these sanctions have resulted in more misery than political change.

The consumption of commodities is degrading, and citizens are no longer willing to spend money on items that do not suit their requirements.

Research on the effects of such sanctions has identified economic contraction and strategic blunders by those who favour them.

As the urge to end the sanctions grows louder, Venezuelans are calling for a non-prescriptive discourse that includes their needs and vision for the country.

In a recent broadcast statement, president Nicolás Maduro said that Venezuela is ready to “endure more sanctions”.

Meanwhile, the bolivar has lost more than 30% of its value against the dollar in the last quarter of 2024, and the Venezuelan Finance Observatory reports that the country’s inflation rate reached 85% in 2024, making it one of the highest in Latin America.

The political surface and sanction advocacy

The political environment built around the sanctions resembles a stage on which global actors perform, particularly the Donald Trump administration, which was the primary force behind worldwide trade bans Order 13808 imposed on state-run PDVSA.

The Organization of American States (OAS) and the United States also played important roles in developing the local political narrative that aligned political leaders with these policies.

According to Quintero, this group and its related titles fail to account for Venezuelans’ real-life experiences.

The actions affecting the government have also harmed the economy, which is currently putting pressure on the citizens.

“The cost of this political strategy has been high, with far too many Venezuelans becoming victims of the global conflict and internal upheaval”, said Quintero.

Quintero also evaluates the harsh reality that ordinary people are burdened with limited economic capabilities while their rulers engage in a political game.

A whole new level in scandal and the responsibility

As sanctions were making news, the situation worsened in June 2023, when Donald Trump made a contentious remark regarding Venezuelan oil at a Republican event in North Carolina, adding that if he had been elected, military intervention would be considered.

Quintero argues that these comments not only analyze the depths of the situation but also further alienate the Venezuelan nation.

“It is a cynical approach to geopolitics, with little consideration for the human cost”, he added.

Such sentiments contribute to a larger political shadowplay in which the military drive may be a realistic means of harming poor people under the pretence of humanitarian assistance.

This worldview has been given fresh life, and it is pushing a narrative that allows foreign forces to interfere in the country’s affairs.

The trailing of the scandal: dialogue first and the principle of conception

As Venezuela bears the expense of economic sanctions and debates about military options, the solution to a change in the situation becomes increasingly clear.

According to Pablo Quintero, the turning moment occurs when we modify our approach to communication and make it evident via the demands of Venezuelans and the various points of view of political units, regardless of their attitude or support.

His sharp vision advocates for finding a path to progress by refocusing efforts away from the alarming effects of sanctions and toward the promotion of economic qualities that benefit the country’s people.

Economic blockade and sectoral sanctions in Venezuela

The economic sanctions imposed in Venezuela, particularly those targeting oil, gold, and mining, as well as the freezing of the Central Bank’s assets, have exacerbated the already-existing economic and humanitarian crisis.

According to a report by a UN rapporteur, these restrictions have had a significant impact on income generation and the availability of essential resources, including health, education, and public services.

According to a Fedecámaras (the Venezuelan industrial chamber) survey conducted in February 2024, up to 81% of Venezuelan businesses reported that the sanctions hurt their operations, with the most notable consequence being the inability to purchase necessary supplies and hire skilled labour, further damaging the energy sector.

Health crisis and mobility issues

The health sector has become increasingly challenging, with the primary cause being personnel flight and the failure to send medical equipment such as immunizations and diagnostics.

Because of the population’s right to health, healthcare shortages are worse than ever.

Furthermore, the blockage of freedom of transportation and the weak issue with gasoline, which is the primary fuel utilized for commuting, are two of the most serious issues that rain causes to people’s mobility.

This transportation dilemma, particularly for Indigenous people, severely limits their ability to participate in society and obtain essential services.

Among them, it is important to note that even before these sanctions, Venezuela was already experiencing an extreme economic and social catastrophe as a result of the ruling government’s political decisions.

All of these issues highlight the ongoing pressures and threats that more sanctions would bring to an already depleted economy and a deteriorating political situation.

The post Venezuela faces oil sanctions under new Trump term: what to expect? appeared first on Invezz

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