Over the last several weeks, events in Venezuela have unfolded at a dizzying speed. Following a widely-condemned presidential election last May, Nicolás Maduro was inaugurated for a second term on January 10. Scarcely two weeks later, the head of the opposition-controlled National Assembly, Juan Guaidó, declared himself interim president. The United States quickly recognized him, as have major Latin American countries such as Argentina, Brazil, Chile, Colombia, and Peru. This week, the Trump administration, which imposed financial sanctions against the Maduro government in 2017, imposed sanctions against Venezuela’s state oil company, Petróleos de Venezuela (PdVSA), aimed at crippling the country’s all-important industry.
At the same time, Russia and China – powerful allies of the Maduro government – have opposed U.S.-led efforts to secure a democratic transition. For years, Vladimir Putin’s Russia has sought close ties with Venezuela, investing heavily in the country’s oil industry, selling billions of dollars in weapons, and most recently, landing strategic bombers on Venezuelan soil. China has been a willing financier of the Maduro government, providing over $50 billion in loans and some $6-7 billion directly to PdVSA. Beijing’s recent strategy in the country has been more defensive, however, aimed at protecting its huge financial commitments.
In this Ground Truth Briefing, experts discussed the rapidly changing events on the ground in Venezuela. Experts also addressed Russian and Chinese interests and what they portend for a possible escalation of great-power competition in the Western Hemisphere.
