In Case You Missed It… Differing views on U.S.-imposed sanctions on Venezuela
Below are two differing views on the sanctions the U.S. recently imposed on Venezuela’s PDVSA.
US Oil Sanctions Against Venezuela May End Up Helping Chavez
The Wall Street Journal
By Ezequiel Minaya and Kejal Vyas
May 30, 2011
U.S. sanctions against Venezuela’s state oil company may benefit rather than hurt President Hugo Chavez’s government by providing fuel for anti-U.S. rhetoric as the leftist leader rallies supporters ahead of next year’s presidential elections. Slamming Washington is a timeworn strategy for winning votes in many parts of Latin America, and it could provide a boost to the re-election bid by Chavez, who in his 12 years in power has become the region’s loudest U.S. critic. “Chavez is using [the sanctions] as a weapon to consolidate his base, to put the opposition in an uncomfortable situation and to rally support for his election campaign,” said Anibal Romero, a Caracas-based retired professor of political science. While analysts don’t expect the recent sanctions to have much effect on Petroleos de Venezuela SA, or PdVSA, as the state oil company is known, the reaction from the Chavez government has generated unease among holders of Venezuelan debt, weighing on bonds trading in New York in recent days.
Hugo Chavez in the U.S. Crosshairs
Foreign Policy
By José R. Cárdenas
May 27, 2011
Finally, Hugo Chavez is being held accountable for his reckless efforts to aid and abet Iran’s illegal pursuit of a nuclear capability and evasion of international sanctions. This week, the Obama administration announced it was imposing sanctions on Venezuela’s state oil company PDVSA and the Venezuelan Military Industries Company CAVIM for their illicit dealings with Iran. The sanctions are admittedly minimal, but one hopes they signal a new vigor on the part of the administration towards further exposing and countering the nefarious Venezuelan-Iran axis.