The President of Venezuela, Nicolás Maduro, said Monday that his country is promoting mechanisms to overcome the blockade and advance the economy's recovery.
"From the popular organizations, we are building the mechanisms to defeat the criminal blockade, inefficiency and corruption. It is time to continue advancing, with concrete solutions, in economic recovery and social welfare," Maduro said via Twitter.
According to the Venezuelan government, since 2017, when the United States began imposing sanctions against the Bolivarian nation, more than 500 coercive measures have weighed on the country, leading to a 99 percent reduction in its income.
Sanctions against state-owned Petróleos de Venezuela S.A. (PDVSA) prevent any transaction in the U.S. financial system, financing and the purchase of spare parts or even maintenance contracts, according to the government.
Today Venezuela comes out in a rhythm of economic, social, political, and moral recovery. No one excludes Venezuela!
On May 17, the U.S. eased some sanctions against Venezuela. The U.S. Treasury Department issued a limited license to allow U.S. and European oil companies to trade and resume operations in Venezuela following more than five years of sanctions.
Last January, Maduro welcomed the country's exit from hyperinflation after four years. The president said that 2021 was the country's first year of recovery and growth, which had been in recession for seven years until 2020.