Were there sanctions against the Venezuelan government by the US? Absolutely yes. But a big part of their problems are self-inflicted. When they nationalized s

Were there sanctions against the Venezuelan government by the US? Absolutely yes. But a big part of their problems are self-inflicted. When they nationalized several foreign-owned industries (beyond oil), that severely reduced confidence in doing business in the country. Most of the industries taken over were "western" (US, French, British), but they also took over steel mills owned by Argentinians, and homes owned by wealthy Venezuelans were turned into a government-run resort area. Ford still has a vehicle assembly plant in Valencia [0], but production is spotty due to parts shortages. And I suspect that the currency exchange rates aren't helping matters. [0] Disclaimer: My grandfather (a lifelong socialist and union man) helped open the plant in the early 1960s.