The United States has revived the spirit of the 1823 Monroe Doctrine in its relentless campaign against Venezuela, culminating in a covert operation that seized former President Nicolás Maduro’s chief of staff and a public declaration that Washington will “run” the country. From the first executive order that froze $15 billion of PDVSA oil revenue in 2019 to the “Trump/Donroe Corollary” announced in December 2023, successive administrations have treated any foreign—particularly Russian or Chinese—support for the Maduro regime as a direct threat to hemispheric security, echoing Monroe’s warning against European colonisation of the Americas.

The original doctrine proclaimed that the American continents were off‑limits to European powers and that any attempt to oppress a nation in the Western Hemisphere would be deemed hostile. In a 2022 State Department briefing the United States warned that “foreign‑backed attempts to prop up a non‑democratic government in the Western Hemisphere will be met with coordinated sanctions,” a line that mirrors Monroe’s language almost verbatim. Trump amplified the rhetoric, branding Maduro a “foreign‑installed puppet” and announcing a “Donroe Doctrine” at Mar‑a‑Lago on 30 January 2024, promising to “run Venezuela until a suitable replacement for Maduro is in place.” The same day, a White House press release introduced a formal “Trump Corollary,” asserting that the United States would act decisively to prevent any foreign power from undermining democratic governance in the Americas. Seven new sanctions packages announced in 2023‑24 froze a further $3.4 billion in assets, reinforcing the economic siege that has become the modern instrument of the doctrine.

Sanctions have been the cornerstone of the policy. Executive Order 13850 in June 2019 barred U.S. persons from dealing with PDVSA, freezing $15 billion of oil revenue and $2.5 billion of gold assets. Subsequent orders in October 2019 and November 2020 targeted senior officials, entities, and the gold sector, seizing $1.2 billion and blocking $1 billion of gold exports respectively. By April 2022 the Biden administration recognised Nicolás Maduro as the legitimate president, shifting rhetoric from “regime change” to “strategic engagement,” yet it left $4 billion of Venezuelan sovereign debt under sanctions, underscoring the continuity of pressure across party lines.

The policy reached a dramatic climax on 6 January 2026, when a U.S. operation dubbed “Cerro Águila” captured Maduro’s chief of staff, seizing $200 million in cash and documents. The White House justified the raid as a defence of the Monroe Doctrine, arguing that it prevented a foreign‑backed authoritarian foothold in the hemisphere. Trump’s subsequent remarks on Air Force One—“The United States will run Venezuela”—and his claim that Venezuela’s oil business is “a total bust” framed the action as the next phase of a long‑standing doctrine‑driven strategy.

Global markets reacted with surprising calm. U.S. equities rose modestly on 5 January 2026, the Dow gaining 0.7 per cent and the Nasdaq 0.8 per cent, as investors priced in a “bull‑case” that Washington could stabilise Venezuela’s oil sector. Crude oil briefly touched $60 a barrel before settling around $57, reflecting limited concern over supply disruption given Venezuela’s already diminished output. The VIX held steady near 22, and Latin American emerging‑market bonds edged up 0.4 per cent, suggesting that the operation was viewed as a political shock rather than a systemic risk.

Analysts see the episode as a negotiating tactic rather than a prelude to full‑scale military intervention. Evercore’s Matthew Aks described the threat as “a negotiating tactic, not an imminent large‑scale military action,” while Freedom Capital’s Jay Woods noted the market’s relative unfazed stance. The real test, according to RBC’s Helima Croft, will be whether the United States can truly turn around Venezuela’s oil industry, a challenge that will determine whether the revived Monroe doctrine remains a rhetorical device or becomes a lasting framework for U.S. hemispheric policy.

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