Business as Usual in Venezuela

European double standards in foreign policy are nothing new—the latest reactions to the United States’ sanctions on Venezuelan oil provide yet another glaring example in a sea of switchbacks and hypocrisy. 

Once again, Europe proves that when it comes to international affairs, economic interests trump the democratic values they so often claim to uphold. 

The United States has just imposed a series of sanctions and tariffs targeting companies that trade Venezuelan oil. These measures include the revocation of permits to export crude oil from Venezuela to companies such as Spain’s Repsol, Italy’s Eni, and the US Global Oil Terminals, which must cease their operations in the South American country before the end of May 2025. In addition, President Donald Trump has announced the imposition of a 25% tariff on countries buying Venezuelan oil, a measure that will come into effect on April 2, 2025.  

European leaders, particularly those in Spain, have reacted with indignation, condemning the sanctions and questioning their legality in international trade. Brussels is already preparing countermeasures, arguing that these sanctions harm European businesses and consumers. Spanish Foreign Minister José Manuel Albares has been especially vocal, declaring that “the Spanish government will defend the interests of Repsol and any Spanish company.” 

It is true, for Repsol, that this U.S. measure could imply the loss of 500 million euros. This sum represents almost a third of its annual profit in 2024 and could leave the company with a net profit barely above one billion euros. This will likely impact those employed by Repsol, and obviously on the shareholders of this and the other affected companies. 

But what about democracy and the human rights of Venezuelans? Europe, especially the Spanish government, loves to talk about human rights, as long as it does not affect their economic interests. Or perhaps they think that the best way to help the oppressed peoples of Venezuela and Cuba is to exploit them. The case of Cuba is paradigmatic. While first the government of Fidel Castro, then Raul Castro, and now Miguel Diaz Canel increased their levels of repression and filled prisons with innocent people, Spanish companies have been steadily investing in hotels through mandatory agreements with the dictatorship that manages the salaries of Cubans, who only receive a minimal part of what they are entitled to. According to a report published by the Cuban Observatory for Human Rights, the situation of Cuban workers is “humiliating” and “would not be acceptable” neither in Spain nor in the wider European Union. However, no one in Europe or Spain moves a hair about this communist partnership. Business is business. 

The current situation in Venezuela is comparable. Nicolás Maduro’s regime has flagrantly violated the electoral decision of its people, who went to the ballot box and voted for a change of government. The resulting electorial fraud, together with arbitrary detentions, torture denounced by all human rights organizations, political persecution, and repression of protests are a clear demonstration of what this dictatorial regime is capable of.   

The Trump administration’s latest measures are aimed at restricting the flow of money to Maduro’s coffers, limiting his ability to sustain his grip on power. Will they immediately bring about regime change? Perhaps not. But they are at least a meaningful effort to do so. 

The question is: what is the European Union doing to achieve the same goal? 

If Spain’s response is any indication, the answer is clear: nothing. Their priority remains business as usual, no matter the human cost. 

Hernán Alberro is a Senior Fellow with VOC’s Latin America Program. All opinions are those of the author and do not necessarily represent the position or views of the institutions they represent or VOC.