Daily Management Review

Venezuela estimates losses from US sanctions at $232B


According to Delcy Rodríguez, Venezuela's vice president, the country has already lost $232 billion since 2015, when the US implemented sanctions against it. She claimed that the main effect of the sanctions has been a decrease in oil production.

Ms. Rodríguez stated at a seminar on national unity for economic recovery under sanctions that the loss of the country's largest source of income at the time, $232 billion, meant that 99% of income was received in foreign currency.

The US has reportedly levied more than 20,000 sanctions against 35 nations, while 929 measures have also been applied against Venezuela by Western nations. She firmly believes that Washington "is at war, armed or economic, with the entire world."

Ms. Rodríguez noted that "the private sector in Venezuela is the victim of these sanctions, which have extraordinary financial costs: logistics for a Venezuelan businessman are much more expensive than for a businessman from Colombia, a neighboring country, because financial channels are blocked and access to buy raw materials is restricted."

source: reuters.com