The cases of Venezuela and Iraq as limits to sovereignty
External control of strategic resources and state power in the 21st century
DOI:
https://doi.org/10.46661/respublica.13781Keywords:
constrained sovereignty, financial sanctions, asset custodyAbstract
This article examines the relationship between state sovereignty and the global financial infrastructure, with the aim of assessing the extent to which effective control over revenues derived from strategic resources shapes the practical exercise of sovereignty in the contemporary international system. Drawing on a comparative analysis of two representative cases—the international administration of Iraqi oil revenues following the 2003 intervention and the contemporary mechanisms of restriction, custody, and authorization applied to Venezuelan oil revenues since 2026—the study explores how certain financial instruments can shift decision-making authority over strategic resources from the domestic sphere of the state to regulatory and financial structures operating beyond its jurisdiction. The analysis focuses on the functioning of international payment, clearing, and settlement systems, sovereign asset custody arrangements, executive orders and licensing regimes adopted under United States domestic law, as well as the role of multilateral institutions.Downloads
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