What Is Next for Washington After Its Failed Venezuela Strategy?
The decision to cease calling Guaidó “president” would be a tacit recognition that Washington had blundered in turning over billions of dollars in Venezuelan assets, including CITGO, to Guaidó’s parallel government. This is no small failure. The activist role of the Trump administration in trying to get other countries, organizations and corporations including Russia, China, Cuba and, believe it or not, Iran to comply with the sanctions against Venezuela has few parallels in history.
Washington’s case for sanctions is underpinned by the argument that Guaidó and not Maduro is the rightful president of Venezuela. A distancing from Guaidó would detract from this campaign and undermine U.S. prestige, at least in the short run. The United States is increasingly finding itself isolated on the world stage, as made evident in last Friday’s humiliating defeat at the UN Security Council where the U.S. counted only on the vote of the Dominican Republic for its proposed renewal of the boycott on arms sales to Iran.
Although it is highly unlikely that a President Biden will do a complete turnaround on Venezuelan policy, a more hands-off approach would go a long way in easing tensions in that nation and achieving for Washington a degree of respect around the world.