Opening their markets to foreign or free trade? Economies suffer from low diversity, and the sanctions prohibit most export and import. The financial crisis and oil prices demolished Venezuela's economy. There wasn't time to diversify, and the sanctions were the nail in the coffin, but prior to the restrictions, Venezuela traded with foreign nations (Haiti relied on Venezuelan oil).

Poor distribution of wealth prompted the people to seize the production of natural resources and it pissed off the foreign business owners. Venezuela can't access its bank account or gold reserves because nations with vested interests froze the country's assets.