... pressure on Venezuela against the backdrop of changes in internal political processes in the country, which favour Washington’s expectations, albeit not as radical as it was in 2019. In addition, the US is interested in the world market gaining access to Venezuelan oil, taking into account the ban of supplies from Russia and uncertainty in the energy market due to political factors. At the same time, easing sanctions has its own nuances.
First of all, the US Treasury in its press release warns that the deviation ...
... worse end of the deal, including the exposure to financial speculation.
Then, as partially anticipated, there's the financial risk. Many producers have incurred in heavy debts to finance their development, confiding in their revenues from oil sales to repay them and in the favorable interest rates, Venezuela being a prime example. Then even if not so financially exposed, some recessive effects are doomed to happen anyway. For example, according to the IMF, in 2015 Russia will supposedly lose a chunk of its GDP amounting to 3%.
That would explain ...
... this case.
Digressions aside, it is no mystery that current Venezuelan President has been very vocal about his criticism regarding United States' policies, not differently from his predecessor Hugo Chávez. It is also interesting that Venezuela's oil reserves are larger than Saudi Arabia's. It should be noticed as well that the current price crisis is definitely putting the Venezuelan economy to a tough test, with the risk of default looming large. If the sanctions were to escalate, a ...
