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Source: The post is based on the article “What has caused the recent thaw in U.S.-Venezuela ties? | Explained” published in “The Hindu” on 1st November 2023
Why in the News?
The U.S government has agreed to relax the sanctions imposed on Venezuela’s oil, gas and mining industries on the condition that the Venezuelan President will hold free and fair elections in 2024.
Where is Venezuela?
| Aspect | Details |
| Located in | South America. |
| Bordered by | Colombia, Brazil, Guyana and the Caribbean Sea |
| Capital | Caracas |
| Economy | Relies heavily on oil exports.Faced economic challenges due to sanctions |
| Significance | It has the world’s largest oil reserves |
What are the reasons for the present thaw in relations between the US and Venezuela?
1.Oil and Ukraine Crisis: The U.S. wants better ties with Venezuela after Russia’s Ukraine invasion. This is because the ban on Russian oil has created an energy crisis. Venezuela’s large oil reserves could help in mitigating this crisis.
2.Geopolitical Concerns: US has concerns about Russia aiding Latin American allies, impacting regional safety.
3.Venezuela’s Strategic Role: Venezuela can give Russia a spot in the Western Hemisphere, challenging the U.S.-dominated world and its power.Hence, making friends with Venezuela helps isolate Russia from its Latin American allies, aligning with U.S. interests.
4.Ending Isolation and Help for Economy: Improving relations aims to end Venezuela’s isolation caused by past U.S. sanctions.
UPSC Syllabus- International Relations
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