The US has reimposed economic sanctions against a Venezuelan state-owned mining company and says it could go on to reimpose further sanctions on the country’s oil and gas sector after Venezuela’s Supreme Court barred main opposition candidate Maria Corina Machado from running for president last week.
The US Treasury on Monday revoked General License 43, which had authorized dealings with mining conglomerate CVG-Minerven. The Treasury said US companies have until February 13 to wind down transactions that were previously authorized by that license.
While US economic sanctions against the mining company are unlikely to cause significant damage to the Venezuelan economy, the US State Department has crucially signaled it intends to renew oil and gas sanctions from April 18, if there’s no progress between Venezuela’s authoritarian president Nicolas Maduro and the opposition “particularly on allowing all presidential candidates to compete in this year’s elections,” it said in a statement.
State capitalism also centralizes power. It’s just centralized with the government instead of a monied class. I don’t think that’s necessarily a problem if there is a robust electoral system and a low level of corruption but I feel based upon everything I’ve read about Venezuela that they’re lacking in both.
The conversation drifted to theory rather than current conditions, so I chose to go in the direction of my idealized version of what this framework would look like. You’re right, as an ML nation there is still a centralization of power in Venezuela. I don’t have the answers for Venezuela, only the people of Venezuela do. However, I think the court made the right decision on behalf of the people, even if I disagree with the undemocratic nature of their courts.