The recent strategy of the United States toward Venezuela consists of controlling oil sales and managing the dollar revenues under strict conditions. According to Ricardo Hausmann, a Venezuelan economist and director of Harvard University’s Growth Lab, the scheme operates as a form of cash-flow control.
"The current arrangement is as follows: Venezuela is forbidden to sell its oil, but is allowed to deliver it to the United States. Washington sells it at market price and deposits the proceeds into accounts under its control. It then transfers those dollars to the Venezuelan government with conditions," Hausmann explained.
