US takeover of oil-rich Venezuela reflects race for hard power: Uday Kotak
New Delhi, Jan 4
Kotak Mahindra Bank founder Uday Kotak said on Sunday that the US attack on Venezuela and the capture of the oil-rich country's President Nicholas Maduro reflects the "race for hard power" between nations in today's world.
Kotak highlighted the fact that Venezuela is a country with the "largest oil reserves on earth" and hinted that the US operation in the South American country was linked to this fact.
"The United States takes control over Venezuela, which has the largest oil reserves on earth. As I said in my year-end musings, this is a world of hard power, and the race between nations is on," he wrote on X.
The veteran banker had pointed out in his year-end views that the world has become less tolerant of alternative points of view and has become more transient and transactional in relationships, with the dominance of hard power over soft power. He highlighted that the race between countries is getting more intense and less mindful of consequences.
President Donald Trump announced, at a press conference after the capture of Maduro, that the US would run Venezuela and American oil companies would invest billions of dollars to produce more oil in the Latin American country.
"We're going to have our very large U.S. oil companies, the biggest anywhere in the world, go in, spend billions of dollars, fix the badly broken infrastructure, oil infrastructure, and start making money for the country," he said.
Trump also noted that Venezuela had earlier grabbed the oil assets of US oil companies, which would now be recovered. He was referring to the nationalisation of the oilfields discovered in Venezuela by US oil giants such as Exxon Mobil and ConocoPhillips, among others, about 20 years ago, by then-President Hugo Chavez.
The US will "run" Venezuela until a "safe, proper and judicious transition" can be ensured, Trump said after US strikes.
Maduro and his wife Cilia Flores were captured and flown out of Venezuela's capital, Caracas, on a US helicopter the wee hours on Saturday and taken aboard the USS Iwo Jima at an unknown location in the Caribbean Sea.
They were then flown to the US Naval Base in Cuba's Guantanamo Bay before being transferred to another plane and landing in New York state. Finally, the couple was taken on a helicopter to New York City's Metropolitan Detention Center in Brooklyn, where they will face charges for alleged drug trafficking.
Meanwhile, Venezuela has announced a state of national emergency and denounced the "military aggression", with the country's Vice President saying Maduro is its only leader.
— IANS
Reader Comments
Very troubling news. Capturing a sitting president from another country? This is not diplomacy, it's imperialism in the 21st century. The world needs to speak up. 🇮🇳
While I agree with Mr. Kotak's analysis about hard power, we must also remember Venezuela's own history. They nationalized foreign assets. International relations are complex. But yes, the strong do what they can, and the weak suffer what they must. A harsh lesson for all nations.
This is shocking. The article reads like a thriller movie plot. A president captured by helicopter in the middle of the night? It sets a terrifying example for sovereignty. India should be very cautious in its foreign policy engagements after this.
Oil is the new gold, and everyone is fighting for it. The US is just being blatant about it now. This is why Atmanirbhar Bharat and focusing on renewable energy is so crucial for us. We cannot be dependent on such volatile global politics for our energy security.
With respect to Mr. Kotak, I think he's oversimplifying. Yes, oil is a factor, but Maduro's regime was accused of serious crimes like drug trafficking. The world has turned a blind eye to dictators for too long. Sometimes hard power is needed to remove a corrupt leader, even if the motives are mixed.
We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.