'CARACAS, VENEZUELA — United States sanctions against the Bolivarian Republic of Venezuela have cost the Latin American nation $6 billion since August of 2017, leaving the fate of healthcare and access to basic goods in jeopardy for millions of already struggling Venezuelans.
As recently as early October, an anonymous source from the Trump administration told Reuters that “all options are on the table” in regard to even tighter sanctions against the country. This is part of a growing trend, as the Trump administration prepares to strengthen its attacks against socialist or left-leaning nations throughout Latin America.
According to a report from Canadian analyst Joe Emersberger, U.S. sanctions have quite literally starved Venezuelans out of a staggering $6 billion since the latest round took effect in August of 2017, cutting Venezuela off from the global market.
To put this figure into perspective, $6 billion is over 130 times the $46 million requested by the United Nations Refugee Agency (UNHCR) for the “Venezuela Situation” in March of this year, which likely wouldn’t be needed if Caracas had financial support to provide for its citizens.
Emersberger points out that prior to this time, Venezuela’s crude oil output followed the same gradual decline as Colombia’s between January of 2016 and August of 2017, as overall oil prices fell. At that point, when the sanctions took effect, Venezuela’s oil production plummeted to record lows, with civilians bearing the brunt of the consequences.'
Read more: US Sanctions Cost Venezuela $6 Billion Since August 2017, Sparking Humanitarian Catastrophe
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