Venezuelan VP: US Sanctions Are “Extortion Measures”

Venezuelan VP Delcy Rodriguez in her speech at the 25th St. Petersburg Int'l Economic Forum, discussed various topics for cooperation to boost the global economy despite Unilateral Coercive Measures.

Published 18 June 2022

Opinion

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Most of the sanctions have been “directed” at the country's oil sector, government finances and food, generating an 87 percent drop in Venezuela's oil output, which in turn translates into economic losses of some 140 billion U.S. dollars, Venezuelan VP Delcy Rodriguez stated.

Venezuelan Vice President Delcy Rodriguez on Friday equated U.S. economic sanctions against the South American country to "extortion measures." The United States has imposed 502 unilateral coercive measures, or sanctions, against Venezuela, Rodriguez told the 25th International Economic Forum in Saint Petersburg, Russia.

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Most of the sanctions have been “directed” at the country's oil sector, government finances and food, she said, adding there has been an 87 percent drop in Venezuela's oil output as a result, leading to economic losses of some 140 billion U.S. dollars.

In 2020, the sanctions completely blocked the country's ability to commercialize crude oil, which for decades has been the main source of foreign revenue for Venezuela, said Rodriguez.

Venezuelan VP Delcy Rodríguez met with Russiam FM Sergei Lavrov during the Saint Petersburg Economic Forum as both countries continue to strengthen bilateral relations �� https://t.co/NTbu2yyFNe
— venezuelanalysis.com (@venanalysis) June 18, 2022

Those who apply sanctions benefit from the "illegitimate appropriation of countries' resources," so the United States is unlikely to lift them any time soon, she added.

Thanks to the productive effort of the Venezuelan people, the country has been able to withstand the impact of the sanctions, she said, noting that Venezuela went from importing 80 percent of its food to producing 93 percent of what it consumes.