Kathmandu, March 25.  Venezuela’s Vice President Delcy Rodriguez has stated that the United States’ imposition of sanctions against Venezuela has had severe implications on the country’s economy, amounting to a violation of human rights.

Rodriguez tweeted that U.S. sanctions have caused a 99 percent reduction in Venezuela’s foreign currency revenues between 2014 and 2020, as well as a 75 percent contraction in the country’s GDP from 2014 to 2021. 

She also noted that state-owned oil company Petroleos de Venezuela S.A. has suffered losses of over 230 billion U.S. dollars, which has had significant implications for industry productivity.

Despite these challenges, the Venezuelan government will “confront this criminal blockade with dignity and strength,” she said.

Trump’s Sanctions

During his presidency, former U.S. President Donald Trump imposed sanctions against Venezuela to pressure the government of President Nicolas Maduro, accusing him of human rights violations and undermining democracy.

The sanctions targeted the oil industry, including bans on imports of Venezuelan crude oil and restrictions on transactions with state-owned oil company Petroleos de Venezuela S.A.

Critics argued that the sanctions worsened the humanitarian crisis in Venezuela. The Biden administration has continued many of the sanctions but also seeks to provide humanitarian aid and engage in diplomatic efforts to resolve the crisis.