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The Corrupt Venezuelan Regime, according to the United States Department of Justice. Corruption in Venezuela is extremely severe and permeates all aspects of politics, business, and law enforcement. [1] The discovery of oil in Venezuela in the early 20th century worsened political corruption. [2]
Beginning in January 2019, during the Venezuelan presidential crisis, the U.S. applied additional economic sanctions to individuals or companies in the petroleum, gold, mining, and banking industries and a food subsidy program; other countries also applied sanctions in response to the presidential crisis.
Venezuela has experienced an oil dependency for an extended part of their history, but in the recent years, their focus has shifted over to gold. [2] As a part of the 2016 settlement of a dispute over withdrawal of a gold concession to Gold Reserve, a Canadian mining company, the government entered into a joint venture to exploit the Brisas mine and Las Cristinas goldmines.
The exploration licenses for those areas have not been signed. Ali said investors in Guyana have nothing to worry about. "Our message is very clear, your investments are safe," he said.
The U.S. Treasury Department sanctioned Minerven, Venezuela's state-run mining company, in March 2019. [58] Government sources said another eight tonnes of gold was taken out of the Central Bank in the first week of April 2019; the government source said that there were 100 tonnes left.
Venezuela’s government in 2016 established a huge mining development zone stretching across the central area of the country, to supplement flagging revenue from its dominant oil industry, which ...
Venezuela’s government in 2016 established a huge mining development zone stretching across the central area of the country to supplement flagging revenue from its dominant oil industry, which ...
In 2013, Venezuela registered a new high in the number of cases of malaria in the past 50 years, and by 2014, was the only country in Latin America where the incidence of malaria was increasing, allegedly in part due to illegal mining; [g] medical shortages in the country hampered treatment. [182]