Over the past few months, I have been following the international negotiations between Venezuela and US via the UN. These negotiations addressed crude oil and sanctions. Prior to the deal, Venezuelan oil had been barred from international waters. Rendering it virtually impossible for any country to obtain it. These sanctions were put in place to economically starve out current leader Maduro.
An international breakthrough did happen in October 2022. The negotiations were termoutuls but a deal was struck. The deal would reduce sanctions and allow Venezuela to export oil again. Venezuela would also be released $3 billion in overseas assets and held in a UN account. This would also trigger global oil programs to resume such as the crucial Venezuela and Mexico program, gas-for-food. This begs the question of when do sanctions and political moves become inhumane. Is there also actual any validity in unilateral sanctions?
A big concession made on Venezuela's part was that Maduro agreed to host a 'fair' election. As of April 2023, Venezuela is struggling to keep up with their election progress, which in turn is causing international tension.
Venezuela is getting access to $3 billion in humanitarian funds. They are getting more food into their country. They have re-entered the international oil market. All these are huge steps in some sort of economic recovery.
But as this transformations is coming fast as well. In April 2023, the first European cruise ship was able to dock. Luxury brands are building stores again to attract wealthy tourists. Venezuela must comply with international commitment and be well organized their infrastructure overhaul.