UCF Global Perspectives

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US Sanctions Venezuela

Terriana West, Intern, Latin America and the Caribbean

November 5, 2018

US President Donald Trump is continuing to pressure the government of Venezuela with new sanctions (Fox). Trump signed an executive order to ban anyone in the US from involving themselves with “corrupt or deceptive” gold sales from Venezuela (REUTERS). National Security Adviser John Bolton stated, “The new sanctions will target networks operating within corrupt Venezuelan economic sectors and deny them access to stolen wealth” (Bloomberg).

Venezuela turned to gold as a means of invigorating its fast-falling currency and moving away from oil dependency (Fox). Venezuela’s gold industry has been under scrutiny by U.S. officials, noting that many mines are run by criminal gangs (Bloomberg) causing environmental concerns. Venezuela’s gold revenues remain small compared to its oil sector which accounts for over 90 percent of export revenue (Reuters).

 

Sources:

https://www.foxnews.com/world/trump-amps-up-venezuelan-crackdown-sanctions-gold-exports-with-executive-order

https://www.bloomberg.com/news/articles/2018-11-01/trump-orders-sanctions-on-venezuela-gold-to-pressure-maduro

https://www.reuters.com/article/us-usa-venezuela-bolton/trump-increases-pressure-on-venezuela-with-sanctions-on-gold-idUSKCN1N65P6


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