THE IMPACTS OF UNITED STATES EMBARGO ON VENEZUELA DURING PRESIDENT NICOLÁS MADURO’S ADMINISTRATION
DOI:
https://doi.org/10.59408/bjgs.v3i1.212Keywords:
United States, Economic Crisis, Economic Sanctions, Venezuela, Nicolás MaduroAbstract
This research analyzes the impact of U.S. embargo on Venezuela’s struggling economy, worsened by falling global oil prices. Venezuela relies heavily on oil exports, and the decline in oil prices has led to a significant drop in revenue. During Venezuelan President Nicolás Maduro’s administration, U.S. sanctions—such as restrictions on international finance, a ban on oil trade, and asset freezes—have intensified the crisis. The study uses a qualitative descriptive methodology and case study approach, relying on secondary data and literature reviews. Findings show that U.S. sanctions have worsened Venezuela’s economic situation, leading to hyperinflation, shortages of essential goods, and reduced foreign investment. The oil sector, crucial for national revenue, has seen declines in production and exports, exacerbating the budget deficit. Additionally, the sanctions have triggered a humanitarian crisis, increased poverty, and caused mass migration. This study emphasizes that U.S. sanctions disrupt economic stability and severely affect citizens’ daily lives, creating a destructive cycle that further deteriorates Venezuela’s economic, social, and humanitarian conditions.
References
Adawiyah, E. M., Suryana, C., & Tresnawati, B. (2021). Embargo dalam Pandangan Wartawan. Annaba: Jurnal Ilmu Jurnalistik, 2(4). https://doi.org/10.15575/annaba.v2i4.716
Afrizal. (2014). Metode Penelitian Kualitatif: Sebuah Upaya Mendukung Penggunaan Penelitian Kualitatif dalam Berbagai Disiplin Ilmu. Rajawali Pers.
Amin, A., Wahida, N., & Mumin, M. (2023). Diplomasi Koersif Amerika Serikat terhadap Iran Pasca Mundur dari Joint Comprehensive Plan of Action (JCPOA) Tahun 2018. Jurnal Hukum Unsulbar, 6(1), 7-16. https://doi.org/10.31605/j-law.v6i1.2349
Budisatria, T., Hasibuan, B. H., & Dwiputra, R. H. (2022). Venezuela’s Hyperinflation: The Impact on Strategic Position of United States of America-Venezuela. Proyeksi: Jurnal Ilmu Sosial dan Humaniora, 27(1), 63-80. http://dx.doi.org/10.26418%2Fproyeksi.v27i1.2897
Bull, B., & Rosales, A. (2020). Into the Shadows: Sanctions, Rentierism, and Economic Informalization in Venezuela. European Review of Latin American and Caribbean Studies. https://doi.org/10.32992/erlacs.10556
Caraballo-Arias, Y., Madrid, J., & Barrios, M. C. (2018). Working in Venezuela: How the Crisis has Affected the Labor Conditions. Annals of Global Health. https://doi.org/10.29024/aogh.2325
Ellis, E. (2021). The Ethics of Economic Sanctions: Why Just War Theory is Not the Answer. Res Publica, 27, 409-426. https://doi.org/10.1007/s11158-020-09483-z
Firdaus, F. (2019). Strategi Perlawanan Venezuela dalam Menghadapi Tekanan Amerika Serikat melalui ALBA Tahun 2015-2017. Jurnal Hubungan Internasional, 12(1), 41–58. https://doi.org/10.20473/jhi.v12i1.12973
Gualdron, L., & Manzano, O. (2021). Venezuela. In Oil Wealth and Federal Conflict in American Petrofederations. https://doi.org/10.1016/B978-0-12-822072-6.00007-5
Hakimdavar, G. (2014). A Strategic Understanding of UN Economic Sanctions: International Relations, Law and Development. Routledge.
Hasibuan, A., & Sulistyono, D. (2018). Peranan Ideologi dalam Integrasi Nasional. Jurnal Kebijakan Pemerintahan, 1(1), 1-10. https://doi.org/10.33701/jkp.v1i1.1093
Idris, F. N., & Mu’tasim, M. R. (2023). Sanksi Uni Eropa terhadap Rusia atas Pelanggaran Teritorial Ukraina: Pendekatan Multi-Tujuan. Dinamika Global: Jurnal Ilmu Hubungan Internasional, 8(1), 16-38. https://doi.org/10.36859/jdg.v8i01.1543
Isaev, K. A. (2022). Economic Diplomacy of Russia towards Venezuela: From H. Chaves to N. Maduro. Lomonosov World Politics Journal, 14(2), 173-208. https://doi.org/10.48015/2076-7404-2022-14-2-173-208
Ismail, A. (2020). Sanksi Ekonomi dalam Tinjauan Politik dan Diplomasi Internasional: Resensi Buku. Indonesian Perspective, 5(1), 112-117. https://doi.org/10.14710/ip.v5i1.30197
Karlina, W. R., Sari, I. K., Rampengan, F. D., & Saputra, R. D. (2021). Penerapan Barriers to Trade Terkait Perlindungan Public Health Perspektif Hukum Perdagangan Internasional. Al-Qisthu: Jurnal Kajian Ilmu-Ilmu Hukum, 19(1), 84–105. https://doi.org/10.32694/qst.v19i1.833
Khoiriyah, U. M., & Devi, N. A. (2024). Upaya Diplomasi Koersif India dalam Konflik Sengketa Wilayah Kashmir Tahun 2012-2018. Journal of Mandalika Literature, 6(1), 493-507. https://doi.org/10.36312/jml.v6i1.3979
Kulesza, M. (2017). Inflation and Hyperinflation in Venezuela (1970s-2016): A Post-Keynesian Interpretation. In Econstor.
Lubis, I. R. A. (2022). Diplomasi Koersif Amerika Serikat Terhadap Indonesia melalui Embargo 1991-2005. Jurnal PERSPEKTIF, 11(2), 762-770. https://doi.org/10.31289/perspektif.v11i2.6628
Lumintosati, F. R., (2021). Intervensi Asing pada Krisis Venezuela: AS, Rusia, dan Uni Eropa. Jurnal Politikom Indonesiana, 6(2), 13–23. https://doi.org/10.35706/jpi.v6i2.5601
Marthin, E. H., Popi, T., & Richard, M. W. (2023). Embargo Terhadap Negara dalam Keadaan Darurat dan Pemenuhan Hak Asasi Manusia. Jurnal Pattimura Law Study Review, 1(2), 166 – 172. https://doi.org/10.47268/palasrev.v1i2.11778
Maulidya, A. D. (2025). Ancaman Perdamaian di Venezuela Akibat Kemerosotan Demokrasi Pada Masa Pemerintahan Nicolas Maduro. Jurnal Ilmiah Hubungan Internasional, 20(2), 108–127. https://doi.org/10.26593/jihi.v20i2.4606.108-127
Nuryanti, S. 2019. Strategi Kebijakan Pemerintah Venezuela di Tengah Krisis. Sospol: Jurnal Sosial Politik, 5(2), 237-248.
Peksen, D., & Jeong, J. M. (2022). Coercive Diplomacy and Economic Sanctions Reciprocity: Explaining Targets’ Counter-Sanctions. Defence and Peace Economics. https://doi.org/10.1080/10242694.2021.1919831
Qorina, C., Mardialina, M., & Bustami, S. Y. (2020). Upaya Amerika Serikat Dalam Mencapai Kepentingan Ekonomi-Politik di Venezuela Pada Masa Pemerintahan Nicolas Maduro. Indonesian Journal of Global Discourse, 2(2), 74-91. https://doi.org/10.29303/ijgd.v2i2.24
Rosyidin, M. & Fitrah, E. (2016). Sanksi Ekonomi: Tinjauan Politik dan Diplomasi Internasional. Pustaka Ilmu Group.
Simanjuntak, T. R. (2023). Diplomasi Maraton Indonesia terhadap Isu Rakhine State. BHUVANA: Journal of Global Studies, 1(1), 60–81. https://doi.org/10.59408/bjgs.v1i1.56
The United States Provides and Then Rescinds Sanctions Relief for Venezuela. (2024). American Journal of International Law, 118(2), 344–349. https://doi.org/10.1017/ajil.2024.18
Torres, A. (2024). An Inadequate Solution: Effectiveness of Economics Sanctions as an Instrument of Foreign Policy. Steven J. Green School of International and Public Affairs, Florida International University.
Triandini, M., & Paksi, A. K. (2023). Motivasi Amerika Serikat Memberikan Sanksi Ekonomi Terhadap Venezuela Tahun 2017-2020. Jurnal Ilmu Sosial dan Ilmu Politik, 12(3), 364-374. https://dx.doi.org/10.33366/jisip.v12i3.2672
Weisbrot, M., & Sachs, J. (2019). Economic Sanctions as Collective Punishment: The Case of Venezuela. www.cepr.net
Zulfa, K. K., Arisanto, P. T., & Mahadana, K. R. (2022). Analisis Sanksi Ekonomi Terhadap Rusia Atas Invasinya di Ukraina 2022. Jurnal Transformasi Global, 9(2), 149-162. https://doi.org/10.21776/ub.jtg.009.02.6
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2025 Nuranilam Nuranilam, Muhammad Rizky Prawira, Riady Ibnu Khaldun
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
