Venezuela's Nicolas Maduro

Former U.S. ambassador to Venezuela James Story argued in an op-ed in The New York Times that the current pressure campaign against the Maduro regime could be "our last chance to get it right" in the South American country.

James Story noted that since President Barack Obama, all U.S. administrations have labeled Venezuela an extraordinary threat to the country. And while he was ambassador to Venezuela between 2018 and 2023, Washington used a "campaign of maximum pressure" to "isolate Mr. Maduro and compel him to allow democratic voices to be heard."

And under President Joe Biden, he used a "combination of pressure and incentives to enter into negotiations" leading to an election that the opposition won but didn't get to take office because the regime stayed in power nonetheless.

The current Trump administration, he added, has tried both diplomacy and pressure, including strikes against alleged drug vessels. Story noted that "serious questions about the legality and efficacy" of the strikes have "thrown bipartisan support for change in Venezuela into doubt."

He went on to say that the policy "isn't likely to age well" and going after sanctioned vessels "and the global ghost fleet" is more effective and acceptable. Then suggested that the Trump administration should seek an agreement with the International Maritime Organization to stop the fleet "everywhere in the world."

"Squeezing this revenue stream would help force a tough decision by those around Mr. Maduro to recognize that life without him in power is preferable to him remaining," Story said.

Story then suggested the creation of a task force to work with the opposition candidate recognized as the winner of the 2024 election by Washington, Edmundo Gonzalez Urrutia, as well as opposition leader Maria Corina Machado, to move towards re-institutionalizing the country "in a way that represents all democratic points of view."

The path towards democracy could also involved "some form of transitional justice" including amnesty. He noted it could be "too tall an ask, but others who benefited from the corrupt system may need an opportunity to be rehabilitated for a transition to be successful."

Economic pressure along with offramps for regime insiders could be the combination needed for a transition, Story concluded. "We have raised the hopes of the people of Venezuela. We can't let them fall again," he finished.

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