Andean Group - April 2024

US sanctions on Venezuela’s oil and gas industry, which were loosened last October as an incentive for President Nicolás Maduro to hold free and fair elections this year, were slapped back on by Washington on 18 April, on the grounds that the Bolivarian government had not kept its half of the bargain by cracking down on prominent opposition candidates. The absence of sanctions has been providing Maduro with an economic lift; after years of freefall, the economy is growing steadily as oil revenue begins to flow into the country once again, with the currency stabilising, inflation falling, and international reserves stacking up. All of that could now change, as we discuss in the first article of this April 2024 edition of the Latin American Regional Report: Andean Group. We follow this with a second article on Venezuela, looking at a deadly mine collapse which killed at least 30 people and cast a spotlight once again on the issue of illegal mining in the country.

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