Although the primary cause of the Venezuelan economy's massive collapse has been its government's horrendous socialist economic policies and political repression, the imposition of U.S. sanctions on the Venezuelan oil industry restricted U.S. investment in that industry, removed a source of hard currency earnings from oil exports used to buy food and medicine overseas, and hampered the refinancing of Venezuelan debt.
In many cases, external coercive economic pressure, like similar outside military pressure, can cause a political 'rally-around-the flag' effect, thus benefiting even an unpopular regime, such as Maduro's.
#us-government-sanctions #venezuelan-oil-industry #economic-impact #political-consequences #population-migration
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