US Sanctions on Venezuela Cause $232 Billion in Losses Since 2015

Venezuela has lost $232 billion since 2015 when the United States under the Obama administration imposed sanctions against the South American country, Venezuelan Vice President Delcy Rodriguez said.

"You could see the impact (of sanctions on the country) when the oil production was falling. Since 2015, the losses have amounted to $232 billion. It is easy to say, but the losses of $232 billion in the main revenue source meant back then 99% of the revenue in foreign currency," Rodriguez stated, Sputnik reported.

The US has imposed over 20,000 sanctions against 35 countries and has been "waging economic or military warfare against the entire world," the vice president added.

After Washington declared Venezuela a "threat to its national security" in 2015, the West has introduced 929 unilateral sanctions against the Latin American country, with US measures accounting for 60% of all Western sanctions, the high-ranking official said.

Rodriguez stated that economic warfare against her country is equivalent to systematic human rights abuses since Venezuelan people have been deprived of basic needs, including food, education, and healthcare.

In 2015, then-US President Barack Obama declared Venezuela a "threat to the US national security" and ordered the US Treasury Department to freeze foreign property and assets of several Venezuelan officials. Since then, Washington has expanded the sanctions regime against the country.

In 2019, the US imposed comprehensive sanctions on Caracas, especially targeting the country's oil and financial industries as well as freezing its reserves amid the political crisis in the country as Washington recognized Venezuelan opposition leader Juan Guaido as the country's interim president instead of re-elected leader Nicolas Maduro.[TASNIM]