Possible Implications Of An Oil Embargo Against Venezuela | WHAT REALLY HAPPENED

Possible Implications Of An Oil Embargo Against Venezuela

In politics and international law the figure of the embargo implies a prohibition to trade, be it total or partial, in economic, military, financial or oil lines, decreed by a government, a group of them or by multilateral organizations against a certain country. In the case of Venezuela, the relevance of oil for the functioning of its economy places it as the sector that would be subject to an embargo because of the negative effects it would produce.

When it is an embargo linked to strategic sectors of the economy, it is fundamentally a political measure that seeks the destabilization and undermining of a nation qualified as "hostile". Other forms of embargo, such as the military or financial, on the other hand, seek to negatively affect the defensive capabilities of the country and the room for maneuver of its international finances.

The United States, using the UN or the European Union as a battering ram, has applied oil embargoes to countries such as Iraq, Iran and Syria in recent years, as an extreme measure to restrict their income and make economic debacles, since they also boycotted the supplies of weapons and international trade.