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Economy & Business - April 2024
VENEZUELA: Renewed sanctions could undo progress
US sanctions on Venezuela’s oil and gas industry, which were loosened last October as an incentive for President Nicolás Maduro to hold free and fair elections this year, were slapped back on by Washington on 18 April, on the grounds that the Bolivarian government had not kept its half of the bargain by cracking down on prominent opposition candidates. The absence of sanctions has been providing Maduro with an economic lift. After years of freefall, Venezuela’s economy is growing steadily as oil revenue begins to flow into the country once again, with the currency stabilising, inflation falling, and international reserves stacking up. All of that could change now that sanctions have been reimposed in response to electoral foul play.
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