Years of US sanctions have cost Venezuelan economy $130 billion

Over the previous couple of years Venezuela has suffered monumental losses as a result of financial blockade launched by Washington, Venezuela’s ambassador to Russia Carlos Rafael Faria Tortosa says.

“As a outcome of the financial embargo imposed by the US from 2015 via the final 12 months, monetary damages to Venezuelan economy totaled $130 billion,” the highest diplomat stated in the course of the information briefing in Moscow.

The ambassador confused that the quantity could be sufficient to bolster the economy of the Bolivarian republic for 9 years.

“The government headed by President Nicolas Maduro is on the path of a very unequal conflict with the most forceful economic and military power in the world,” Tortosa confused.

Diplomatic relations between Washington and Caracas have been extremely difficult for the reason that late Hugo Chavez grew to become president in 1999. The newest aggravation of the troubled relationship was sparked earlier this 12 months, after Washington formally acknowledged opposition chief Juan Guaido because the nation’s interim president.

Over the previous two many years, the White House has accused the Venezuelan authorities of human rights violations and political corruption. Starting in 2014, the Obama administration imposed visa restrictions on Venezuelan officers, blocked property and launched journey bans on the alleged human proper abusers.

The stress on the Latin American nation has intensified since Donald Trump grew to become president. Since then, Washington has taken a number of drastic steps to wreck Venezuela’s economy, together with imposing a strict ban that targets Venezuela’s key supply of earnings – oil exports.