Over-aggressive sanctions in Venezuela would backfire on the United States

Importantly, the United States refrained from a wide assault on the Venezuelan energy industry and PDVSA specifically. The ripple effects of such a move for Venezuela’s larger economy would have been profound, especially if the United States had barred it from selling oil in U.S. dollars. PDVSA is Venezuela's largest employer and is an essential contributor to the country's gross domestic product (GDP), government revenue, and export earnings. More…