US Reviewing Venezuela Sanctions Regime

The U.S. plans to review its sanctions regime against Venezuela after determining that unilateral measures over the last four years haven’t been effective and haven’t driven Nicolas Maduro from power, a senior administration official told reporters on a March 8 call. The official said the U.S. is hoping to garner more multilateral support for an international approach to Venezuela but added that it is in “no rush to lift sanctions.” The comments come amid a Treasury Department review of all U.S. sanctions regimes (see 2102230047).

“We could keep on with unilateral sanctions and stay in this situation for who knows how long,” the official said. “Or, actually, we could start sitting down with the international community to see how we can actually exert coordinated pressure and set clear expectations about the way forward.” The official added that the Maduro regime has “adapted to sanctions” and is “able to sustain” itself through illegal trade. “What we’re focused on is making sure that we’re working very closely and coordinating very closely with the European Union, with our friends and allies in Latin America and the Caribbean to make sure that we’re driving a consensus view of how we can be most effective at exerting pressure on the regime,” the official said.