Venezuela’s unamiable political structure has reinstated uncertainty among Western counterparts marching them to restore sanctions on its indispensable oil industry.
Venezuela’s political infrastructure is steeped in authoritarianism and at its realm is President – Nicolas Maduro, who sustains his position by crushing all Opposition in sight. The undemocratic nature of Venezuela’s political fabric squashed U.S’s pro-liberal fantasies, prompting it to reinstate oil sanctions on a country already battling economic trauma plagued by political uncertainty.
To reignite democratic-freewill in the country, the incumbent dictator had immersed in dialogue with opposition leaders in October last year to reconstruct constitutional architecture through free and fair elections. The arrangement was passed under US supervision in exchange for lifting of 2019 sanctions on Venezuela’s crucial oil industry.
But six months later, Mr. Maduro failed to stand on his promise, dimming the chances of legitimate elections and furthering political uncertainty in Venezuela. Under his authority, he barred the opposition candidate who was at the front-run from running in the general elections – Maria Corina Machado.
Leashing his self-powered jurisdiction on Venezuelan population and deploying measures for letting crimes flourish has frustrated Biden administration who on Wednesday announced that it was letting the sanctions relief expire. Deeming Oil as Venezuela’s main source of export income majority of which is traded from US – its biggest consumer – the restoration of sanctions will unsurprisingly thrust a big blow to the country.
Economic uncertainty lingers high in Venezuela
United States has routinely imposed sanctions on Venezuela’s indispensable oil industry in determination to revamp the country’s long-lost democracy. The sanctions were only tightened under Trump’s presidentship in 2019 contributing to a mass exodus of Venezuelans who were certain of the consequences which are going to ravage the country’s economy.
After the agreement which was signed last year assuring free and fair elections in the country peddled with depleting economic uncertainty, it shimmered a dime of hope for both US and Venezuelans who attributed it as a rebirth of democracy in a politically polluted nation. But the violations which followed later fractured the hope of millions, forcing them to rally on street to voice their discontentment.
Many who stayed away from demonstrations packed their suitcases and left for United States. The border which once prevented illegal immigrants from entering States was jammed with hundreds of thousands of Venezuelans forging their unlawful presence to wreck political and humanitarian catastrophe for the Biden administration.
The revocation of sanction relief is going to reverse all the gains which Venezuela administration was able to attain through its oil exportations. A struggling economy with a high possibility that Mr. Maduro could win another illegitimate election could lead to another surge in migration.
Political uncertainty in consequence to Maduro’s dictatorship
Mr. Maduro a hard-leftist who for his power-snatching mantra, has been criticized by world leaders but more vociferously by United States. A hard opponent to Mr. Maduro’s hard policies, the US executive branch has time and again reminded Venezuelans of the exploitation committed by their President to derail their freedom.
To employee ‘One-Man Rule’ in Venezuela, the sitting president has plotted innumerable twists and turns to prevent other Opposition parties to garner a shot at wining the election. The coalition of opposition parties had hoped to climb up-top on a singular candidate who can be a strong challenger to Mr. Maduro. But their effort to field a unified candidate was defeated when Mr. Maduro used technical maneuver aimed to remove Ms. Yoris’ name from the ballot.
Despite the consequences the sanctions will implode, the Biden administration is concreate on its decision to disallow Mr. Maduro from establishing an authoritarian empire. The US has most recently sanctioned Iran and today it has sanctioned Venezuela all in hope to counter-defeat domestic hegemony where power is concentrated in one man while the rest surrender to uncertainty.
