Retrieved
Nicolás Maduro has held Venezuela’s top job for 10 years, and his power has grown stronger. Sanctions against Venezuela have been in place since 2006 when the US banned arms sales due to its ties with rogue states like Cuba and Iran. During the Trump administration, sanctions prohibiting purchases of Venezuelan debt were implemented, which has caused an impact on a Venezuela’s economy that already was in crisis. From one of the highest per capita income rates in Latin America, the country now suffers from hyperinflation and oil output has significantly decreased. Corruption, underinvestment, and mismanagement have also contributed to the country’s economic distress.
Despite Western sanctions, Venezuela’s Maduro has managed to maintain the country’s political and economic stability through agreements with other heavily sanctioned states, like Iran, Russia, China, and Turkey. Venezuela has received billions of dollars in loans from China in exchange for oil, thus violating US sanctions. Russia has also provided funds to keep Venezuela afloat. Additionally, Venezuela has sent billions of dollars worth of gold to Iran in exchange for oil, gas, and food, deepening the relationship between the two countries. Maduro has also benefited from leftist governments in Latin America, who share his anti-imperialist ideology resulting in deepening ties with Caracas.
Maduro’s stability has been aided by a weak and ineffective opposition, which critics attribute to former opposition leader Juan Guaidó’s lack of progress in bringing the country to new elections and gaining military support. Guaidó’s popular support has also dramatically decreased. Recent actions by the Biden administration suggest that they may have been more cautious if dealing with a potent and respected opposition. However, Venezuela is not fixed, and half of the Venezuelan population continues to live in poverty amid one of the world’s largest refugee crises. Maduro’s political future appears secure, because: “unfree and unfair” elections are expected next year.
This is a summary of the article -> “Maduro’s not going anywhere. What comes next for Venezuela?” By Gabrielle Debinski
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