The last month’s sudden lifting of American sanctions on Venezuela, the country which boasts the world’s largest proven oil reserves, that has lured the dealmakers there. On October 18th the us Treasury Department announced that it was immediately removing almost all the restrictions it had imposed on Venezuela’s oil, banking and mining sectors for years. Removing most of its sanctions in one go marks the end of the American administration’s previous strategy, which involved an incremental loosening of restrictions. The conflicts in Ukraine and the Middle East have sparked renewed interest in Venezuela’s potential to become an important supplier of world energy again. In September some 50,000 Venezuelans arrived at the Mexican border with the United States, a record number. Both factors pushed President Joe Biden’s government to take action. Do you think that the America’s sanctions policy is slowly becoming ineffective ?
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