Why U.S. Oil Sanctions on Venezuela Could Be Too Little, Too Late

Venezuelan opposition leader Juan Guaido addresses supporters at a rally in Caracas, Venezuela, Feb. 3, 2019 (Sputnik photo by Leo Alvarez via AP Images).
Venezuelan opposition leader Juan Guaido addresses supporters at a rally in Caracas, Venezuela, Feb. 3, 2019 (Sputnik photo by Leo Alvarez via AP Images).

The scale of the humanitarian disaster in Venezuela is almost inconceivable. Despite the world’s largest proven oil reserves, the economy barely functions. People struggle just to survive. Store shelves are nearly empty of food, medicine and other necessities. The few goods available are out of reach for most people because of hyperinflation that the International Monetary Fund estimates reached a shocking 1 million percent in 2018. An estimated 3 million Venezuelans have already fled to neighboring countries, and more will likely join them. Last fall, the Pharmaceutical Federation of Venezuela estimated that only around 20 percent of needed medicines were […]

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