The Wall Street Journal warns that Donald Trump’s policy on Venezuela risks entrenching an oligarchy, drawing a parallel to Russia’s controversial loans-for-shares program. That 1990s scheme allowed a small group of insiders to acquire state assets at rock-bottom prices, consolidating wealth and power. Critics argue a similar dynamic could unfold in Caracas if political and economic reforms are not carefully managed.

The comparison highlights fears that without safeguards, Venezuela’s resources could fall into the hands of a privileged few, mirroring the economic instability and corruption seen in post-Soviet Russia. The article serves as a historical cautionary tale, suggesting that policy missteps could have long-lasting consequences for Venezuela’s future.