March 12, 2024
1 min read

Venezuela Reports Massive Economic Damage from US Sanctions

The US, she said, has failed to comply with the lifting of sanctions as established in the Barbados Agreement reached between the government and Venezuelan opposition parties in October 2023…reports Asian Lite News

Venezuelan Vice President Delcy Rodriguez has said the US sanctions against the country have caused losses of nearly $700 billion in GDP.

At an international seminar in the Bolivian city of Santa Cruz de la Sierra on Monday, the Vice President said Venezuela’s oil industry sustained losses of almost 232 billion dollars due to the sanctions, which have in addition frozen more than 22 billion dollars Venezuelan assets in international banks, Xinhua news agency reported.

The US, she said, has failed to comply with the lifting of sanctions as established in the Barbados Agreement reached between the government and Venezuelan opposition parties in October 2023.

The agreement brought a relief, known as General License 44, from the US on Venezuelan President Nicolas Maduro’s government in October 2023, but the Joe Biden administration reimposed sanctions on Venezuela in January, saying the move was in response to Maduro’s decision to ban a leading opposition candidate from running for president.

In view of US unilateral policies, Latin America “essentially” needs a new financial architecture, Rodriguez said.

“If we want to think about a new financial architecture, we must carry out trade in our own currencies,” said the Venezuelan vice president.

ALSO READ-Biden extends Ramadan prayers to Muslim community

Previous Story

Sharjah Ruler receives Ramadan well-wishers

Next Story

Stay Connected with India, Prez Murmu Urges Mauritian youth

Latest from -Top News

Singapore’s Ruling Party Achieves Landslide Victory

Prime Minister Lawrence Wong, whose party won the election, thanked supporters.,..reports Asian Lite News Singapore’s ruling People’s Action Party (PAP) won 87 of the 97 seats in Parliament in Saturday’s general election,

Jaishankar, Lavrov Discuss Pahalgam Terror Attack

Both the Ministers discussed issues of Russian-Indian cooperation and the aggravation of India-Pakistan relations following the terrorist attack in Pahalgam. External Affairs Minister (EAM) S. Jaishankar spoke to the Russian Foreign Minister

Rajnath Singh to skip Russia visit

The decision comes amid rising tensions between India and Pakistan following the recent terror attack in Pahalgam, Jammu and Kashmir…reports Asian Lite News Defence Minister Rajnath Singh will not likely attend Russia’s

WAVES 2025: Jaishankar Advocates Cultural Pluralism

External Affairs Minister S. Jaishankar delivered a powerful address at the WAVES 2025 Global Media Dialogue, highlighting the significance of cultural pluralism in shaping global change. Speaking on the second day of

India Eyes Supply Chain Shift

India’s electronics manufacturing sector is undergoing a remarkable transformation, positioning the country as a major global hub for production and supply chain diversification. Riding on favourable government policies, geopolitical tailwinds, and a
Go toTop

Don't Miss

Russia Strongly Condemns US Strikes on Syria and Iraq

The US on Friday carried out strikes on Iran-linked militia

US Senate foreign panel chair lauds India, asks Quad to help Lanka

The letter was also addressed to US Secretary of State