Who will grasp the nettle? A change of approach is needed to resolve Venezuela's crises

Humanitarian disaster and political issues need fixing

clock • 4 min read
Celestino Amore of IlliquidX

Celestino Amore of IlliquidX

In recent days we have seen harrowing pictures of refugees fleeing the political crisis in Venezuela. It is a tragic situation to see such a humanitarian crisis, with border conflicts and a political vacuum at the heart of government.

Split opinions

This has led to division among the Western allies which further undermines the possibility of reform and change for the better in Venezuela.

Not only is it a pressing matter for the almost 30 million Venezuelans, but also for the political and judicial leadership role envisaged by the UK in a post-Brexit world.

Joe Biden has been much clearer since moving into the White House, saying he will continue to recognise Guaidó and will keep targeting with sanctions those officials linked to human rights abuses and corruption.

The announcement made shortly after Biden's inauguration may have removed any degree of uncertainty as to who is the legally representative of Venezuela, but it serves as a ratification of what has been the position of his predecessor Donald Trump, who was using economic and trade sanctions to undermine Maduro's position.

Much more certainty is required before any attempt to rebuild the country can be attempted and the provision of the much-needed aid.

As unpalatable as it may be to some of our elected representatives, the stark reality of the situation in Venezuela and its reliance on global capital markets in order to mount an economic recovery cannot be ignored.

This is a nettle that needs to be grasped sooner rather than later by London and Washington.

Celestino Amore is CEO of IlliquidX

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