Venezuelans march against the US blockade during the ongoing National Pilgrimage Against Sanctions. Photo: AP.
By Siân Errington – Jun 22, 2026
As Venezuela’s “national pilgrimage” of mobilisations against the US sanctions continues into its third month, recent research published in Venezuela has confirmed an astonishing level of over 1000 such sanctions against the country remain in place.
The purpose of these inhumane sanctions has been to punish the population, including through the purposeful undermining of social programmes, aiming to cause the Venezuelan economy to crumble. Sanctions have been a core part of the 25-year US war on Venezuela which reached its peak on January 3, 2026 with the extraordinary development of Trump’s deadly bombing, killing over 100 people, and the kidnapping of President Nicolas Maduro.
In the words of Diosdado Cabello, Venezuela’s Minister for Interior Relations, Justice and Peace, “Venezuela [has been] the target of a transnational hate campaign that uses dehumanization as a tool to justify the economic siege against the country.”
The new research and figures released by Venezuela show the impact of the sanctions with Venezuela having 1,088 sanctions against it, of which 1,040 are active. The total economic damage is estimated as the country losing more than $642 billion in seven years.
The economy is recovering, with recent data confirming that despite widespread US economic sanctions still being in place there had now been 20 quarters of consecutive economic growth. However, the depth of the economic crisis and its consequent contraction mean that the economy is currently 36% of what it was in 2012, showing the severe effect of these measures. GDP had fallen to a quarter of its value between 2015 and 2020; that is, the country lost three-quarters of the economy.
The sanctions produced a 98% drop in the country’s income between 2015 and 2020; that is, of every $100 that used to enter the country, $98 was lost. Oil, which remains the country’s main economic resource, has been targeted – with 16% of the unilateral coercive measures, that is, 171 sanctions, are applied against PDVSA, the Venezuelan state oil company. This contributed to a dramatic drop off in oil production, which was 2.3 million barrels per day in January 2015. Yet in July 2020, it fell to 500,000, meaning it had fallen by more than 87%.
Sanctions kill, and as it has ever been, the purpose of the current continuation of these inhumane sanctions is to punish the population. Even by 2019, a report from experts Mark Weisbrot and Jeffrey Sachs concluded that US sanctions “would fit the definition of collective punishment,” estimating that sanctions were responsible for 40,000 deaths in 2017-2018 alone. They have been much extended since then and remain on a vast level.
The UK government has played a disgraceful role in backing and implementing the US’ illegal sanctions agenda. This is shown in particular by the Bank of England’s continued refusal to return to Venezuela the billions of dollars of its gold deposited there, which has a value of at least £3.5bn (or US $4.74 bn). As a petition signed by over 13,500 people demanding the return of the gold puts it, “The Venezuelan gold deposited in the Bank of England is the property of the Venezuelan people, not British banks. Preventing its return, only hurts the poorest in Venezuelan society.”
Here [in the UK], the Venezuela Solidarity Campaign will continue to support Venezuela’s right to determine its own future by backing calls for the full ending of the US economic blockade and campaigning that Britain calls for such an end; supporting international campaigns against Donald Trump’s show trial of Nicolas Maduro; and demanding Britain gives back the gold.
