Venezuela sees the conflict in Ukraine as an attractive opportunity in geopolitical terms, asserting itself in international politics.
Despite having abundant oil resources, Venezuela is currently facing a severe crisis, with President Maduro facing criticism for his decade-long mismanagement of the country's affairs. His recent re-election, despite obtaining 51% of the votes, remains highly contentious and is being contested by the opposition.
The opposition has raised concerns about the election results, which were officially announced by the government-controlled electoral authority. They argue that they have not been provided with the detailed vote count, further fueling speculations of election fraud. As a result, the opposition continues to push for Maduro's removal through peaceful protests and international intervention.
Financial expert Mauro Toldo, from Dekabank, has been monitoring Maduro's actions for years. He criticizes Maduro's economic policies as self-serving, stating that "My friends get something, the others get nothing." He believes that the country's economy, once prosperous, is now a mere shadow of its former self.
Venezuela has been struggling with an economic crisis for over a decade, characterized by periods of severe scarcity, such as the times when residents could not find gasoline. The situation seems to be improving slightly, thanks to the increased demand for Venezuelan oil following the Ukraine war. This demand didn't just come from traditional partners of Venezuela but also from Western countries, as pointed out by Sabine Kurtenbach, a Venezuela expert at the GIGA Institute in Hamburg.
Kurtenbach believes that the shift to renewable energies can be an effective countermeasure against autocratic rulers like Maduro, whose power relies heavily on oil or fossil fuels. In a recent podcast, she discussed Venezuela's relationship with Russia, the role of arms deliveries, and Germany's involvement in the situation with Toldo and host Andrea Sellmann. They discussed the future of Venezuela, the opposition's chances of ousting Maduro, and the impact of the economic crisis on the country's people.
Kurtenbach serves as the interim president of the GIGA Institute in Hamburg, where she focuses on violence and social change. Her research includes the case of Venezuela. Toldo, on the other hand, is the head of emerging markets at Dekabank and is primarily interested in Venezuela due to his Venezuelan heritage.
The prolonged economic crisis in Venezuela has led to periods of severe scarcity, such as the lack of access to gasoline for many residents. While the demand for Venezuelan oil following the Ukraine war has offered some respite, the nation's economy continues to struggle under Maduro's self-serving economic policies.
Questions about Venezuela's energy agreements with Ukraine and its economic dependence on Russia and China, as well as the impact of U.S. sanctions and Venezuela's political isolation, are relevant context for understanding the country's ongoing crisis. These factors contribute to Venezuela's overall vulnerability and dependence on non-Western powers, exacerbating its economic hardship and political instability.
While not directly driving the economic and political crisis, they add complexity to the situation and highlight the need for international intervention and diplomatic support.
