The US could broaden existing sanctions against Venezuela to cover the South American country's important oil industry. US Secretary of State Rex Tillerson said the goal was to return Venezuela to a democratic path.
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US Secretary of State Rex Tillerson said in Buenos Aires on Sunday that an extension of sanctions against the South American state was under consideration.
"This is under study, it's under consideration," Tillerson said. "We've had exchanges in Mexico City, we've had exchanges today about it, and I think the point being that all of us in the region want to see Venezuela return to its constitution," said Tillerson, who is on a six-day trip to Argentina, Colombia, Panama, Peru, Mexico and Jamaica.
"We can no longer stand by and watch the destruction of Venezuelan democracy," he added, also calling for democratic elections and a "peaceful transition" to solve the country's political and economic crisis.
"The US wants free, fair and verifiable elections in Venezuela," he said.
Venezuela on the brink
Venezuela is facing collapse amid multiple crises. DW takes a look at what has brought the oil-rich nation to its knees.
In March 2017, violent protests erupted across the country in response to a Supreme Court decision to strip the legislative branch of its powers. Amid an international outcry, President Nicolas Maduro reversed the decision, but it was too late. Thousands continued to take to the streets, calling for new elections. More than 100 people were killed in clashes with security forces.
Image: Getty Images/AFP/J. Barreto
Hunger, a growing problem
The violence added to the ongoing economic and political crisis in Venezuela. Many Venezuelans spend more than 30 hours a week waiting in lines to shop, and are often confronted with empty shelves when they finally enter a store. President Maduro blames the crisis on US price speculation. The opposition, however, accuses the Socialist government of economic mismanagement.
Image: picture-alliance/AA/C. Becerra
Health care in crisis
The crisis has even affected health care in the oil-rich nation. Venezuelans often head to Colombia to collect medical supplies to send home, as seen in this picture. Hospitals across Venezuela have compared conditions to those seen only in war zones. As patient deaths rise, health officials have sounded the alarm on the rise of malaria and dengue fever.
Image: picture alliance/dpa/M.Duenas Castaneda
Power grab
By July 2017, Venezuela's pro-government Constituent Assembly was established. For observers, it had all the hallmarks of a power grab. The new body adopted the authority to pass legislation on a range of issues, effectively taking away the powers of Venezuela's elected congress, which was under the opposition's control. The move drew wide international condemnation.
Image: picture-alliance/dpa/P. Miraflores
The West sanctions
In response to the political crisis, the United States and European Union imposed a series of sanctions against ruling officials. The US blacklisted members of the Constituent Assembly and froze all of Maduro's assets that are subject to US jurisdiction. The EU banned arms sales to the country.
Image: picture-alliance/dpa/AFP/T. Schwarz
Government victorious in regional elections
In October 2017, Venezuela held two votes: regional elections and elections for governors, which were long overdue. The opposition boycotted the vote, but then split, as some candidates and small parties chose to participate. This caused a deep rift within Maduro's opponents. The government went on to sweep the vote, which detractors say was unfair and heavily favored the regime.
Image: picture-alliance/AP Photo/A. Cubillos
Debt default
In November 2017, the oil-rich, cash-poor nation faced its day of reckoning. Credit ratings agencies declared Venezuela and its state-run oil company in "selective default." But Russia offered to restructure the South American country's debt to ensure Caracas pays its other creditors. US and EU sanctions, however, limited the chance of an agreement.
Image: picture-alliance/AP Photo/A. Cubillos
Presidential elections scheduled
The National Assembly announced in January 2018 that it would grant Maduro's call for snap presidential elections. The electoral authority, CNE, held the elections on May 20. The EU, the US and 14 Latin American nations warned that they would not recognize the results. The mainstream MUD opposition alliance boycotted the vote, leaving only one possible outcome.
Image: Getty Images/AFP/F. Parra
Maduro wins ...
Maduro was re-elected to a second six-year term with about 68 percent of the vote. Turnout was only 46 percent, according to electoral authorities. However, the MUD opposition alliance put turnout at less than 30 percent. The Organization of American States (OAS) called the elections neither free nor fair.
Image: picture-alliance/AP Photo/A. Cubillos
... Guaido assumes power
But weeks into the new year, the situation took a drastic turn. On January 23, 2019, parliament president Juan Guaido declared himself interim president of Venezuela — a move that was quickly recognized by US President Donald Trump. Maduro called it a US-backed "coup." Days later, the US sanctioned Venezuela's state oil firm, while Guaido staked his claim on the country's foreign assets.
Image: Imago/Agencia EFE
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Crisis ongoing
Venezuela has experienced triple-digit inflation, food and medicine shortages and protests over the last 12 months that have seen 120 people killed in clashes between protesters and government forces.
The situation intensified after President Nicolas Maduro's attempts last year to alter the constitution, with critics claiming the proposed reforms would in effect allow the executive to bypass parliament.
In late January the National Election Council was authorized to set an exact date for the next presidential election after the Constituent Assembly — a body dominated by Maduro's supporters — approved plans for an early vote. The election will now take place before April 30, seven months ahead of schedule — a move seen by critics as allowing Maduro to take advantage of disunity among the opposition.
EU's Sakharov Prize 2017
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Follow the money
"One of the aspects of considering sanctioning oil is what effect would it have on the Venezuelan people, and is it a step that might bring this to an end, to a more rapid end?" Tillerson asked.
"Not doing anything to bring this to an end is also asking the Venezuelan people to suffer for a much longer time," the US' top diplomat added.
The US, the main consumer of oil exports from Venezuela, and the European Union last year imposed sanctions on over 50 individuals linked to the Maduro regime.
Venezuela has the world's largest oil reserves and is the third-largest supplier to the US.
Tillerson urged Argentinian Foreign Minister Jorge Faurie to take tougher action against the Maduro government.
Speaking at a joint press conference with Tillerson, Faurie said Argentina did not recognize "the political process and authoritarian deviation of Venezuela," nor the assembly. He also said Argentina was against the restrictions on freedoms and bans imposed on opposition leaders under Maduro's government.
"We're always closely following the situation in Venezuela, which has now drifted toward a health and humanitarian crisis of extraordinary proportions," Faurie said.