Latin America Advisor 2024-10-01 – Inter-American Dialogue

LATIN AMERICA ADVISOR

A daily publication Of the dialogue

October 1, 2024

Should Venezuela Face New and Tougher Sanctions?

The United States last month sanctioned 16 people affiliated with Venezuelan President Nicolás Maduro following the country’s disputed presidential election. // File Photo: Venezuelan Government.

Q

The U.S. Treasury on Sept. 12 sanctioned 16 people affiliated with Venezuelan President Nicolás Maduro after the country’s disputed elections on July 28. The sanctioned individuals included leaders of Venezuela’s National Electoral Council, the Supreme Tribunal of Justice and the National Assembly. What is the impact of such sanctions by the United States? How likely are the United States and European countries to impose further economic sanctions on Venezuela following the disputed election and the exile of opposition candidate Edmundo González? Should tougher sanctions be imposed on Venezuela?

A

Francisco Rodriguez, Rice Family Professor of the Practice of International and Public Affairs at the University of Denver: “The United States imposes two types of sanctions on Venezuela: targeted sanctions aimed at Venezuelan leaders, and economic sanctions aimed at key sectors of the economy. While many countries have imposed targeted sanctions on Venezuelan officials, the United States is alone in pursuing sanctions that directly target the country’s economy. There is considerable evidence that U.S. economic sanctions have exacerbated Venezuela’s crisis, hurting vulnerable Venezuelans. In my empirical work, I estimate that approximately half of Venezuela’s economic contraction since 2012—the largest ever documented outside of wartime—can be attributed to economic sanctions and other U.S. foreign policy decisions that affected the Venezuelan economy. There is thus a very strong case for…”

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The Inter-American Dialogue publishes the Latin America Advisor every business day for a distinguished membership of informed corporate leaders, scholars, and government officials invested in Latin America’s development and future. The Advisor‘s highly regarded Q&A section covers questions submitted by subscribers themselves. Commentators regularly include heads of state, business leaders, diplomats, economists, analysts, and thought leaders from around the world. Many of the world’s largest and fastest-growing companies subscribe to the Advisor. To subscribe, click here. For terms and conditions, click here. For more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.

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Gene Kuleta
Editor
P. 202.463.2920
E. gkuleta@thedialogue.org

Carl David
Goette-Luciak
Reporter

Nili Blanck
Reporter

board of advisors

Diego Arria
Director,
Columbus Group

Merike Blofield
Professor of Political Science,
University of Hamburg

Devry Boughner Vorwerk
CEO,
DevryBV Sustainable Strategies

Joyce Chang
Global Head of Research,
J.P. Morgan

Marlene Fernández
Corporate Vice President for Gov’t Relations,
Arcos Dorados (McDonald’s)

Peter Hakim
President Emeritus,
Inter-American Dialogue

Donna Hrinak
Director,
Adtalem Global Education

Jon E. Huenemann
Council Member,
GLG Inc.

James R. Jones
Chairman,
Monarch Global Strategies

Craig Kelly
Senior Director,
Int’l Gov’t Relations,
Exxon Mobil

Barbara Kotschwar
Professor of Political Economy,
Georgetown University

John Maisto
Director,
US Education Finance Group

Nicolas Mariscal
Chairman,
Grupo Marhnos

Thomas F. McLarty III
Chairman,
McLarty Associates

Beatrice Rangel
Director,
AMLA Consulting

Ernesto Revilla
Head of Latin American Economics, Citi

Gustavo Roosen
President,
IESA

Andrés Rozental
President, Rozental &
Asociados

Shelly Shetty
Managing Director,
Sovereigns, Fitch

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