Caracus – The US has announced of imposing sanctions on some of the leaders in Venezuela prior to the elections there. The importance of the polls has increased with Venezuela facing tremendous economic crisis and political instability. However, there are accusations of this election not being neutral. The US has also announced that it will not recognize the results of the election.
The sanctions have been imposed on the Diosdado Cabello, the politician ranked 2nd in the Venezuelan government, his wife, Marleny and his brother, José David Cabello. Their foreign bank accounts and assets will be frozen under these sanctions. Some more names of the Venezuelan politicians have also been included in the list for imposing sanctions. By announcing the sanctions just 2-days prior to the polls, the US seems to have attempted to hit the ruling party. Venezuelan President, Maduro has accused the US of trying to overthrown his government.
Venezuela, a fuel-rich nation from Latin America, is currently stuck in major economic crisis. The citizens of Venezuela are extremely troubled with the inflation as Bolivar, the national currency has declined tremendously. The Venezuelan Bolivar has slid 99.9 percent in comparison with the US Dollar, leading to wrenching effects on the country which has flared protests against the government. President Maduro had announced launch of a new cryptocurrency called ‘Petro’, backed by the country’s oil and mineral reserves to overcome the economic crisis. But this too was to no avail.
International Monetary Fund has predicted that in 2018, Venezuela’s economy will fall by 15 percent and that by 2022, the rate of unemployment will rise by 36 percent. Such a situation has only been created due to the imposition of economic war on his country by the US, accused President Maduro. But it is emerging that the root cause of this economic crisis in Venezuela is its political instability. In 2013, then Venezuelan President, Hugo Chavez had passed away. Chavez was known to be an ardent anti-American leader. Maduro who succeeded Chavez, continued his anti-US policies against the US.
But, the economic situation during Maduro’s term became grave as the crude oil prices fell sharply. Moreover, the aggresive decisions taken by Trump Presidency seem to hold Venezuela on the edge. It is claimed that the Trump Presidency has aimed at the chief politicians of Venezuela through the sanctions and more of these will be imposed in time.
Neighbored by Brazil, Colombia, Trinidad and Tobago, and blessed with a coast as wide as 2800 kms, Venezuela is popular for its unique, inclusive and open culture. Venezuela is also a member of the fuel-producer intergovernmental organisation, OPEC. Hence, the economic and political instability in Venezuela is seen to cast a major influence on rest of the Latin American nations.