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Venezuela plans to create a zone outside of sanctions

August, 12 2024
watermark Economic news

Venezuela's deputy permanent representative to the UN, Joaquin Perez, said that Caracas is actively discussing with its allies the creation of a sanctions-free zone. According to him, the process will not take much time.


Venezuela put forward this initiative back in May. The country's then permanent representative to the United Nations, Samuel Moncada, proposed creating a «zone of economic freedom» where restrictive measures imposed by colonial countries would not apply. The initiative was presented to the member countries of the «Group of Friends in Defense of the UN Charter» and other states.


Perez noted that discussions on this issue are continuing, and Venezuela is actively looking for ways and options to gain support for this idea in order to put it into practice. The Venezuelan diplomat stressed that the creation of such a zone is only a matter of time, and the process is progressing confidently.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.