Tuesday, May 29, 2018

India Will Ignore US Sanctions Against Venezuela

India, which for years has been talking about deepening trade relations with Latin America, says it will ignore U.S. sanctions against Venezuela.

But [Foreign Minister] Swaraj said New Delhi did not believe in "reactionary" policies and would not be dictated to by other countries.
 "We don't make our foreign policy under pressure from other countries," she told a news conference.
 "We believe in UN sanctions but not in country-specific sanctions."

At the same time, India will not use the Petro (actually, who will?) and the Venezuelan government has already said it will accept rupees.

Of course, this is a key problem with unilateral sanctions. If you don't have the support of other countries with large economies, then they can ease the pressure. This doesn't mean Venezuela won't hurt, because it will. But it reduces the chances that the economic pain will be sufficient to overthrow the government.


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