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News > Venezuela

Venezuela Thwarts US Criminal Plans Against Its Economy: Maduro

  • President Nicolas Maduro (C), Venezuela.

    President Nicolas Maduro (C), Venezuela. | Photo: Twitter/ @PresidencialVen

Published 21 April 2022
Opinion

Besides freezing the Bolivarian assets in U.S. territory, the blockade forbids U.S. citizens from doing business with the Venezuelan oil sector. 

On Thursday, Venezuelan President Nicolas Maduro stressed that his government defeated the U.S. economic blockade, which violates the fundamental rights of the Bolivarian people.

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“With dignity, conscience, and willingness to work to advance in the growth of the productive economy, we defeated the 500 unilateral coercive measures in force since 2014 against our country," Maduro tweeted.

Besides freezing the Bolivarian assets in U.S. territory, this policy forbids U.S. citizens from doing business with the Venezuelan oil sector. It imposes "secondary sanctions" against any non-U.S. person or institution that carries out transactions with Venezuelan companies.

To counteract this situation, Maduro proposed diversifying the national economy to other sectors to not depend only on crude oil exports. Thanks to this strategy, Venezuela showed high economic recovery rates in 2021 after seven years of recession.

During last year, the national disposable income reached US$1,7 billion, the food supply grew by 69 percent compared to 2017, and 60 percent of private companies increased their sales.

Non-traditional exports increased by 76 percent, and hotel occupancy rose to 94 percent. At the end of 2021, the inflation rate was about 2 percent, and tax collection increased to 120 percent.

“We are glad to have developed a successful strategy against the U.S. blockade,” Maduro stressed but argued that there is still plenty to do to re-build the national oil industry.

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