House Democrats are urging the Biden administration to lift sanctions on Cuba and Venezuela, which they say are driving people to leave their homes out of economic desperation.
, Francisco Rodríguez. Can you lay out what you feel how these sanctions connect to the migration to the United States from Venezuela and Cuba?Effectively, there is significant evidence, surveyed in thethat I just authored, as well as in other academic studies, that economic sanctions have an adverse effect, a major adverse effect, on living conditions in targeted countries. Some of the studies find that the imposition of sanctions by the U.S.
And all of this, I must stress, is driven by a decline in oil revenues. So, Venezuela’s economy shrank by 72% in the same period in which oil revenues declined by 93%. And while the cause of the decline in oil revenues — I mean, there are several causes. I’m not claiming in any way that sanctions are the only one, but there’s research showing that sanctions have a major effect on oil production.
Venezuela made a proposal to use those resources in the Bank of England to buy vaccines in the midst of the COVID crisis, but that was rejected because the court is trying to clarify whether — well, what will be the result of that suit, which is a lawsuit between the Central Bank board that was appointed by the Maduro government and an alternate Central Bank board that was appointed by the Guaidó government.
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