On January 23, 2025, the European Parliament approved a resolution recognizing Edmundo González Urrutia as the legitimate president of Venezuela, with 374 votes in favor and 53 against. The resolution emphasizes the illegitimacy of Nicolás Maduro's presidency, which began on January 10, and calls for the withdrawal of arrest warrants against González Urrutia.
In light of this resolution, the European Parliament expressed support for sanctions against Maduro's government, which now includes 69 sanctioned officials. Europarliamentarians argue that stronger measures are necessary to uphold democracy in Venezuela, which has been marred by electoral fraud.
Furthermore, the Parliament urged the European Council to formally recognize González Urrutia as the elected leader, highlighting the moral obligation of parliamentary bodies to support democratically elected officials.
Despite the European Union's criticism of Maduro's regime, formal recognition has not yet occurred. The ongoing diplomatic efforts have been complicated by Maduro's hardening stance, which has led to skepticism about the potential for peaceful negotiations.
In related news, investor interest in Venezuelan dollar-denominated debt has surged, despite the country's severe economic crisis and ongoing migration challenges. This reflects a broader trend in emerging-market junk bonds, where investors are drawn to perceived high-risk, high-reward opportunities.