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US sanctions have caused billions in losses to Venezuela, reduced oil exports, fueled hyperinflation and worsened the economic collapse, according to a survey based on official data.
A recent study reveals that Venezuela lost around US$226 billion in oil revenues between 2017 and 2024 due to sanctions imposed by the United States. The figure represents 213% of the country's Gross Domestic Product (GDP) during the period. The data was released by Global South Insights and the Tricontinental Institute, based on research by Venezuelan actuary Yosmer Arellán.
US$77 million per day
According to the study, daily losses reached US$77 million. The drop in revenue worsened the country's already struggling economic crisis. Before the sanctions, oil accounted for 95% of Venezuelan exports.
The most notable measure was Executive Order No. 13808, signed by former President Donald Trump in 2017. It prohibited U.S. citizens and residents from conducting financial transactions with the state-owned oil company PDVSA and the Venezuelan government. As a result, access to international credit was severely restricted.
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Record inflation
Inflation was also impacted. In 2018, the year-on-year rate recorded by the Central Bank of Venezuela was 344.510%, causing prices to increase 3.400 times in a single year. Hyperinflation coincided with the intensification of sanctions and deepened the economic collapse.
Citgo and Guaidó
Another critical point occurred in January 2019, when dividends from Citgo, PDVSA's US subsidiary, were halted.
Control of the company was transferred to the government of Juan Guaidó, who declared himself president of Venezuela with the support of the United States. The change blocked new financing and scared off oil buyers, fearing secondary sanctions.
Pressure began before Trump
The restrictions began under the Obama administration. In 2015, Venezuela was declared an “unusual threat to the national security of the United States” by Executive Order No. 13.692. This classification was used in the following years to justify increased economic pressure against the country.
With information from Brasil 247.
