Venezuela and the argument against sanctions

The Bolivarian Republic of Venezuela is so called after Simon Bólivar; being socialists and believers in the right to sovereignty. President Nicolas Maduro has been in office since 2013.
Venezuela is reported to be in political and economic crisis and contains the world’s largest source of oil. Petróleus de Venezuela, PDVSA is the state owned oil and natural gas company founded in 1976 by President Carlos Andrés Pérez, whose economic plan launched La Gran Venezuela, nationalising the Venezuelan oil industry. However, multinational operators such as Standard Oil, Shell and Mobile infiltrated PDVSA and created new legislation contrary to national interests.
Before 2011, according to reports, most of Venezuela’s gold was held in London. On 25th November 2011, under unknown conditions, 11 billion US dollars of repatriated gold bullions are said to have arrived in Caracas; but in 2013, all national assets were ceased, reportedly via investments in foreign bonds being required by beurocracy.
There is widespread poverty in Venezuela with many fleeing their homes and seeking asylum elsewhere. The situation is described as one of escalating starvation and disease, yet this year BP have reported Venezuelan oil reserves to be 303.3 billion barrels.
Sanctions in March 2019 prohibit business with Minerven, Venezuela’s state-run gold mining company, and has frozen their assets in the US. As of this year also, Venezuela do not receive any revenue from Citgo, a Venezuelan-US company. This is described under the term of US sanctions.
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