Effects of U.S. sanctions on Venezuela

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Venezuela's economic struggles worsen as the U.S. lays even more sanctions on the country.

What began as social upheaval after the death of Hugo Chavez and the presidency of his hand-picked successor Nicolas Maduro has spiralled into one of the world's largest humanitarian crises.

According to the U.S. Department of State, in March of 2015 Obama had issued an executive order to implement the act. So far, under this act, the Department of the Treasury has sanctioned 65 individuals, six during the Obama administration and 58 during Trump's.

In addition to targeted sanctions against individuals and companies, the Trump administration has imposed additional economic sanctions.

Venezuela is currently experiencing unprecedented levels of poverty, with almost 90 percent of its population living below the poverty line, according to data from ENCOVI, Venezuela's official survey on quality of life.

According to data from ENCOVI, 64.3 percent of families in the country have lost roughly 11.4 kilograms or 25 pounds, and 63.2 percent of adults said they skipped a meal to provide food to their children.

RUNDOWN SHOWS:
1. Obama and Trump impose sanctions on individuals in Venezuela
2. Trump restricts Venezuelan access to U.S. debt and equity markets
3. Venezuela's cryptocurrency
4.Trump administration announces sanctions against PDVSA
5. Venezuela oil production plummeting

VOICEOVER (in English):
"In December of 2014, Obama signed The Venezuela Defense of Human Rights and Civil Society Act. This act is mainly directed towards Venezuelan officials who participated in human rights abuses."

"According to the U.S. Department of State, in March of 2015 Obama had issued an executive order to implement the act. So far, under this act, the Department of the Treasury has sanctioned 65 individuals, six during the Obama administration and 58 during Trump's."

"In addition to targeted sanctions against individuals and companies, the Trump administration has imposed additional economic sanctions."

"In 2017, Trump restricted Venezuelan access to U.S. debt and equity markets. This sanction had a few exceptions, among them transactions for new debt by CITGO, which is owned by PDVSA, the Venezuelan state-owned oil and natural gas company."

"In February of 2018, Maduro's government created a cryptocurrency called 'Petro' in an effort to evade sanctions. One month later the U.S. enacted yet another sanction, this time prohibiting transactions involving Venezuelan digital currency."

"On January 28, the Trump administration announced yet another sanction, this time against PDVSA, forcing Venezuela to find new ways to dilute its crude oil and look for new customers."

"During the announcement, National Security Advisor John Bolton said $7 billion in assets would be frozen and the company would lose roughly $11 billion dollars in export proceeds in the coming year."

"This sanction is an extremely heavy blow to Venezuela as its oil production continues to plummet from 2.4 million barrels per day in 2015 to 1.34 million in 2018, according to a report by Rystad Energy."

SOURCES:
ENCOVI, United Nations Human Rights, U.S. Department of State, Rystad Energy
https://encovi.ucab.edu.ve/
https://bit.ly/2BNdRDs
https://www.state.gov/e/eb/tfs/spi/venezuela/
https://bit.ly/2CCza8g
https://bit.ly/2Sqou9P