The U.S. uses sanctions all the damn time. Biden lifted SOME sanctions for a bit, then put them back and now there are calls for yet MORE sanctions. Sanctions all around! IMO, this hasn’t worked, won’t work, hurts the populace more than the leaders, leads to dangerous migrations that end up turning the U.S. more authoritarian as it freaks out about these refugees seeking relief from the policies the U.S. itself put in place, encourages a coalition of dictators who are all facing U.S. sanctions to trade with one another since we won’t trade with them, and is bad for so many more reasons.
U.S. sanctions have surged in the past two decades and are in effect in some form in almost a third of all countries. In the case of Venezuela, U.S. officials were — and remain — sharply torn over the financial fusillade.
The Biden administration temporarily lifted key sanctions on Venezuela last year in exchange for promises from Maduro to allow a competitive presidential election, … But because Maduro has failed to follow through on most of his commitments, the Biden administration reimposed the sanctions.
Since 2014, output has contracted by 70 percent, more than twice the hit the United States suffered during the Great Depression…Over that period, some 7.7 million Venezuelans – a quarter of the population – have left the country in search of work.
Biden inherited a strategy of maximum pressure on Venezuela from President Trump. But despite applied pressure, consecutive rounds of sanctions failed to dislodge Maduro.
Biden, meanwhile, pursued a different approach. Under the 2023 Barbados Agreement, he eased some sanctions – notably on oil and debt – for political guarantees, namely free and fair elections and the release of detained US citizens.
The deal allowed Venezuela to earn an additional $740m in oil sales from last October to March. But after Maduro blocked Machado from running, and following the revival of a territorial dispute with Guyana, Biden re-imposed US sanctions in April.
Congressional Republicans are pressing the Biden administration to impose harsh sanctions on Venezuela’s government for allegedly “subverting” the results of the country’s presidential election on Sunday.