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US Sanctions Caused Billion-Dollar Losses to Venezuela, Brought Down Oil Exports, Fueled Hyperinflation, and Aggravated the Economic Collapse, According to a Survey Based on Official Data
A recent survey reveals that Venezuela lost approximately US$ 226 billion in oil revenues between 2017 and 2024 due to sanctions imposed by the United States. This amount represents 213% of the country’s Gross Domestic Product (GDP) during that 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, the daily loss reached US$ 77 million. The decline in revenue worsened the country’s economic crisis, which was already facing difficulties. Before the sanctions, oil accounted for 95% of Venezuelan exports.
The main measure highlighted was Executive Order No. 13808, signed by former President Donald Trump in 2017. It prohibited citizens and residents of the United States from conducting financial transactions with state-owned PDVSA and the Venezuelan government. This severely restricted access to international credit.
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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 rise 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, a subsidiary of PDVSA in the U.S., were halted.
Control of the company was transferred to the government of Juan Guaidó, who self-proclaimed president of Venezuela with U.S. support. This change blocked new financing and scared off oil buyers, fearing secondary sanctions.
Pressure Began Before Trump
The restrictions began under the government of Barack Obama. In 2015, Venezuela was declared an “unusual threat to the national security of the U.S.” through Executive Order No. 13,692. This designation was used in subsequent years to justify increased economic pressure on the country.
With information from Brasil 247.
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