CEPR Urges Lifting Sanctions on Venezuela After Earthquakes

The Center for Economic and Policy Research (CEPR) is calling for the immediate lifting of all sanctions against Venezuela following a series of devastating earthquakes. According to CEPR experts, ongoing sanctions severely limit the ability of governments, civil society organizations, and individuals to provide essential humanitarian aid and financial support to the country. This restriction could exacerbate an already dire situation caused by years of economic hardship.

Alex Main, Director of International Policy at CEPR, emphasized that past instances, such as the response to the 2023 Syria earthquake under the Biden administration, highlight how delayed or limited sanctions relief can lead to unnecessary loss of life. He urged the current US government and other nations to avoid similar mistakes by fully lifting sanctions to allow Venezuela’s government to freely receive and allocate aid.

The Trump administration previously issued general licenses that allowed some foreign businesses and banks to operate in Venezuela despite existing sanctions, but these measures have been insufficient to encourage broader international engagement due to lingering fears of legal repercussions. CEPR research indicates that overcompliance with sanctions often leads to unintended consequences, such as a reluctance among corporations and aid groups to engage with sanctioned nations, thereby hampering relief efforts.

Mark Weisbrot, Co-Director of CEPR, stressed the severe economic impact caused by US sanctions on Venezuela in recent years. He pointed out that the country experienced one of the worst depressions globally without being at war, as evidenced by a 74% loss in GDP over eight years according to International Monetary Fund (IMF) data. Weisbrot argued that this catastrophic outcome was an anticipated consequence of isolating Venezuela economically and financially.

Given these circumstances, CEPR is urging immediate action from the US and other countries to lift sanctions entirely, enabling Venezuela to access critical resources for humanitarian aid and reconstruction efforts following the recent earthquakes.