U.S. sanctions on Venezuela's oil sector: Results and consequences

Subject. This article discusses the impact of the U.S. sanctions on Venezuela's oil sector, its results and consequences. Objectives. The article aims to identify the effectiveness of US sanctions and determine the extent of the restrictions' impact on Venezuela's economy. Methods. For the study, I used the abstract-logical method and the methods of systemic, statistical, comparative, and structural analyses. Results. The article clarifies the stages of Venezuela's oil sector evolution, revealing the reasons and approaches of the United States in applying economic restrictions as a tool of pressure. It also outlines the results of the US sanctions imposed on Venezuela. Conclusions. Sanction measures often fail to achieve their intended goals, harming the interests of those who impose them. Venezuela's countermeasures have led to an increased role of the State in the oil sector. Sanctions against Venezuela's oil sector lead to the weakening of the traditional U.S. hegemony in the energy sphere.