Recent developments in US and Venezuela
Part of the explanation for the re-engagement between Washington and Caracas lies in the challenges presented by the shifts in geopolitical realities consequent to the ongoing war between Russia and Ukraine.
Within weeks of the February 2022 invasion, the Biden administration dispatched top officials to negotiate with Caracas.
Caracas, country with the world’s largest oil reserves, so as to smooth the effects of the energy crisis issuing from the conflict.
Another dimension to the re-engagement were the apprehensions over the potential regional security implications of Moscow.
Caracas has more or less weathered the consequences of the U.S. and EU sanctions on its energy sector, thanks to crucial support from Cuba, China, Russia and Iran.
From its position as Latin America’s fourth largest economy when Mr. Maduro took office in 2013, Venezuela has slumped within years to becoming one of the region’s poorest.
The sanctions relief will enable Venezuela’s state-owned oil firm to resume oil production.
COMMENTS