Venezuela Sanctions
Target: VenezuelaSince 2017 (9 years)Active — Fluctuating
$400M
Est. Economic Impact
2017
First Imposed
9 yrs
Active Duration
Overview
Sanctions targeting Venezuela's oil sector, government officials, and central bank. Initially imposed over democratic backsliding under Maduro, sanctions have been tightened and partially relaxed as the US seeks leverage over migration and oil supply.
Impact
Venezuela's oil production dropped from 2.3 million barrels/day in 2015 to 700,000 in 2020. GDP collapsed 75% from 2014-2021. However, corruption, mismanagement, and falling oil prices caused much of the decline independent of sanctions.
Key Fact
7.7 million Venezuelans have fled the country since 2014 — the largest displacement crisis in the Western Hemisphere. The humanitarian impact of sanctions remains hotly debated.