Washington must sanction the businesses backing Maduro in Venezuela

Excerpt

Sanctions on Venezuela are more necessary now than ever. In the wake of Venezuela’s fraudulent election that resulted in Nicolás Maduro’s illicit retention of power, hundreds of government-owned businesses continue to generate billions of dollars to fuel Maduro’s repression and quell dissent. Washington must now aggressively sanction the businesses backing Maduro’s rule.

Since the election, thousands of Venezuelan protestors have stormed the streets in protest of Maduro’s illegal grip on power. Mass arrests quickly followed, as did a criminal investigation into opposition candidate Edmundo Gonzalez and his party’s leader, Maria Corina Machado, for urging the army and police to “join the side of the people” and abandon Maduro. With the military’s continued support, the country’s dictator shows no sign of stepping down peacefully.

Leading up to Venezuela’s election last month, I urged the Biden administration to publish a comprehensive list of Venezuelan state-owned companies believed to be major sources of revenue for Maduro’s regime. It would be a major step in combating Maduro’s sanctions evasion strategy, which is centered on companies with clear and direct ties to the country’s military that are forming secretive alliances with foreign partners.

Max Meizlish is a senior research analyst for the Center on Economic and Financial Power at the Foundation for Defense of Democracies. He previously worked as a sanctions enforcement officer at the Treasury Department’s Office of Foreign Assets Control.