Venezuela accused US-led sanctions has led to negative impacts on debt refinancing, food and medicinal imports, lost billions of dollars in oil assets as the country continues to suffer from one of its biggest economic crisis.
The President of Venezuela, Nicolas Maduro claimed that the country is 'the victim of a US plot to topple him, eradicate socialism and hand the world's largest oil reserves to multinationals,' reported Reuters.
According to a study by Brookings Institution, it shows that the sanctions have inflicted "very serious harm to human life." Arguing that the impact on human lives is illegal under international laws, the study said, "We find that the sanctions have inflicted, and increasingly inflict, very serious harm to human life and health, including an estimated more than 40,000 deaths from 2017–2018."
However, Vice Foreign Minister William Castillo has denied all claims of the humanitarian crisis in the country including state and human rights violence expressed by the United Nations human rights Chief Michelle Bachelet.
The US has played a major role in the Venezuelan crisis. US President Donald Trump called Venezuelan President Nicolas Maduro an 'illegitimate dictator' and supports opposition leader Juan Guaido as its rightful interim ruler. It has imposed sanctions on the oil sector as well as Maduro's allies, reported Reuters.
"Today the United States has confiscated some $30 billion in (state oil company) PDVSA assets while 40 banks are holding onto some $5.4 billion, preventing Venezuela from purchasing food and medication," Castillo told the U.N. Human Rights Council in Geneva, reported the global news agency.
Citing data such as the country's oil export income which had plummeted from $40 billion per year to $5 billion, Castillo said, "Venezuela can't refinance its debt and oil tankers and businesses are being punished."