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Venezuelan economy's performance has declined steadily for almost a decade since the imposition of U.S. sanctions in 2015.
U.S. Government Accountability Office (GAO) acknowledged that U.S. sanctions on Venezuela have killed tens of thousands of people and harmed the country's economy, especially by depressing its oil production.
In a new report, GAO also recalled that the sanctions imposed on the country under former Barack Obama’s and Donald Trump’s administrations are also hindering U.S.-backed humanitarian aid to Venezuela.
The report “offers more evidence that the unilateral and illegal U.S. sanctions are a punishment against the Venezuelan people and they should be ended immediately,” Center for Economic and Policy Research (CEPR) Co-Director Mark Weisbrot said.
GAO noted that the financial sanctions imposed on Venezuela since 2015 led to a drop in oil production of 797 tons per day, which at current oil prices would represent US$16.9 billion per year in foregone oil revenues.