IBOV 175,135.41 ▲ 0.31% IPSA 11,470.79 ▲ 0.89% IPC MEX 65,829.98 ▼ 0.55% MERVAL 3,001,209 — 0.00% COLCAP 2,489.80 ▼ 0.59% BVL PERÚ 60,629.82 ▲ 0.25% USD/BRL5.16▲ 0.01% USD/MXN16.95▼ 0.20% USD/CLP923.76▼ 0.29% USD/COP3,154▲ 0.85% USD/PEN3.35▼ 0.05% USD/ARS1,512▼ 0.15% USD/UYU40.25▲ 1.53% USD/PYG5,905▲ 0.48% USD/BOB11.65▲ 2.81% USD/DOP58.53▲ 0.83% USD/CRC448.38▲ 1.62% USD/GTQ7.63▲ 2.37% USD/HNL26.83▲ 1.77% USD/NIO36.62▼ 0.02% USD/VES789.69▼ 0.08% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD 157.28 — 0.00% USD/TTD6.73▲ 1.14% EUR/BRL6.01▲ 0.29% BRENT 88.88 ▼ 0.03% WTI 83.11 ▼ 0.11% IRON ORE 161.91 — — COPPER 6.61 ▲ 0.03% GOLD 4,461 ▲ 1.78% SILVER 65.59 ▲ 1.26% SOY 1,184 ▲ 3.20% CORN 480.50 ▲ 10.02% WHEAT 655.00 ▲ 3.93% COFFEE 317.25 ▼ 5.51% SUGAR 16.43 ▼ 1.79% ORANGE JUICE 138.55 ▼ 0.47% COTTON 85.03 ▲ 2.33% COCOA 5,719 ▲ 3.18% BEEF 223.60 ▼ 3.93% CATTLE 339.10 ▼ 3.16% LITHIUM 75.20 ▲ 1.47% PETR4 41.64 ▼ 0.05% VALE3 72.97 ▲ 0.83% ITUB4 38.60 ▼ 1.03% BBDC4 16.85 ▲ 0.36% ABEV3 14.89 ▼ 0.80% BBAS3 19.37 ▲ 0.47% B3SA3 14.26 ▼ 0.21% WEGE3 47.59 ▲ 0.49% PRIO3 59.14 ▼ 0.19% SUZB3 41.33 ▲ 2.35% RENT3 34.68 ▼ 0.09% AZZA3 15.89 ▼ 2.63% CSAN3 3.22 ▼ 1.83% RAIZ4 0.25 — 0.00% PCAR3 2.75 ▼ 0.36% GMAT3 3.65 ▼ 1.08% PSSA3 48.13 ▼ 0.54% CVCB3 1.33 ▼ 2.92% POSI3 3.36 ▲ 2.44% SLCE3 13.34 ▲ 0.30% NATU3 8.14 ▼ 0.73% IBOV 175,135.41 ▲ 0.31% IPSA 11,470.79 ▲ 0.89% IPC MEX 65,829.98 ▼ 0.55% MERVAL 3,001,209 — 0.00% COLCAP 2,489.80 ▼ 0.59% BVL PERÚ 60,629.82 ▲ 0.25% USD/BRL 5.16 ▲ 0.01% USD/MXN 17.06 ▼ 0.24% USD/CLP 913.98 ▲ 0.04% USD/COP 3,140 ▲ 0.03% USD/PEN 3.36 ▼ 0.66% USD/ARS 1,493 ▲ 0.10% USD/UYU 40.27 ▲ 1.24% USD/PYG 5,939 ▲ 1.68% USD/BOB 11.64 ▼ 0.76% USD/DOP 58.34 ▲ 1.25% USD/CRC 445.92 ▲ 0.89% USD/GTQ 7.62 ▲ 2.21% USD/HNL 26.79 ▲ 1.57% USD/NIO 36.62 ▲ 0.69% USD/VES 762.44 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.28 — 0.00% USD/TTD 6.70 ▲ 0.61% EUR/BRL 5.95 ▲ 1.01% BRENT 88.88 ▼ 0.03% WTI 83.11 ▼ 0.11% IRON ORE 161.91 — — COPPER 6.61 ▲ 0.03% GOLD 4,461 ▲ 1.78% SILVER 65.59 ▲ 1.26% SOY 1,184 ▲ 3.20% CORN 480.50 ▲ 10.02% WHEAT 655.00 ▲ 3.93% COFFEE 317.25 ▼ 5.51% SUGAR 16.43 ▼ 1.79% ORANGE JUICE 138.55 ▼ 0.47% COTTON 85.03 ▲ 2.33% COCOA 5,719 ▲ 3.18% BEEF 223.60 ▼ 3.93% CATTLE 339.10 ▼ 3.16% LITHIUM 75.20 ▲ 1.47% PETR4 41.64 ▼ 0.05% VALE3 72.97 ▲ 0.83% ITUB4 38.60 ▼ 1.03% BBDC4 16.85 ▲ 0.36% ABEV3 14.89 ▼ 0.80% BBAS3 19.37 ▲ 0.47% B3SA3 14.26 ▼ 0.21% WEGE3 47.59 ▲ 0.49% PRIO3 59.14 ▼ 0.19% SUZB3 41.33 ▲ 2.35% RENT3 34.68 ▼ 0.09% AZZA3 15.89 ▼ 2.63% CSAN3 3.22 ▼ 1.83% RAIZ4 0.25 — 0.00% PCAR3 2.75 ▼ 0.36% GMAT3 3.65 ▼ 1.08% PSSA3 48.13 ▼ 0.54% CVCB3 1.33 ▼ 2.92% POSI3 3.36 ▲ 2.44% SLCE3 13.34 ▲ 0.30% NATU3 8.14 ▼ 0.73%
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Latest News Venezuela Transformation

Chavismo Is Retreating in Venezuela. It’s Not Surrendering

By · February 19, 2026 · 3 min read

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Key Points
Seven weeks after U.S. forces captured Nicolás Maduro in Caracas, his political movement remains intact — acting president Delcy Rodríguez controls the military, the courts, and most state institutions while cooperating with Washington’s demands
The National Assembly resumes debate Wednesday on a landmark amnesty bill covering political crimes since 1999 — more than 440 prisoners have been released since January 8, but over 600 remain detained according to rights group Foro Penal
Chavismo’s strategy is tactical retreat, not democratic transition — opposition leader María Corina Machado has been sidelined by Trump, who backs Rodríguez, and the regime continues selective repression even as it opens political space

In less than two months, the world has moved on from Nicolás Maduro. He sits in Brooklyn’s Metropolitan Detention Center, pleading not guilty to narcoterrorism charges. But the revolution he built is still standing.

Acting president Delcy Rodríguez has maintained regime cohesion while cooperating with the power that bombed her capital. The military backs her. Even the most combative chavistas — Diosdado Cabello, Iris Varela — have softened their tone.

The art of retreating without leaving

Trump has repeatedly recognized Rodríguez as Venezuela‘s legitimate authority. U.S. envoys consider the nine-month election timeline proposed by opposition leader María Corina Machado “reasonable.” Washington controls the country’s oil sales.

Chavismo Is Retreating in Venezuela. It’s Not Surrendering. (Photo Internet reproduction)
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In return, Rodríguez proposed an amnesty bill covering political crimes since 1999, pledged to close the notorious El Helicoide prison, and opened oil to foreign investment. Over 440 political prisoners have been freed since January 8, according to Foro Penal, though more than 600 remain behind bars.

The National Assembly approved the bill in a first reading on February 5 but stalled in the second debate when lawmakers clashed over whether exiles could qualify. The vote resumes Wednesday.

Selective opening, selective repression

The opening has real limits. Opposition leader Juan Pablo Guanipa was freed on February 8 after eight months in prison — only to be seized hours later by armed men. He had called the administration illegitimate. Cabello said he was re-arrested for “calling people to the streets.” He remains under house arrest.

Anti-American rhetoric has gone quiet. Business-friendly language is in. But the repressive apparatus has not been dismantled — dissent is tolerated only to the point the regime defines.

Machado, the 2025 Nobel Peace laureate, has been sidelined. Trump backed Rodríguez instead, calling Machado “a very nice woman” who lacks support to govern. Machado told Politico elections could happen in nine to ten months. Trump’s position: Venezuela needs to be “fixed” first.

Retreat, not surrender

Chavismo has done this before. Hugo Chávez was a master of what Venezuelans called “el recule” — the tactical pullback. The current version follows the same playbook: accept external conditions, marginalize the opposition, buy time to reshape the narrative.

Whether this ends in genuine transition or indefinite holding depends on forces the regime cannot control. The opposition is weakened, scattered in exile, unable to mobilize the street pressure that forces real change. Caracas is cautiously optimistic. But optimism and transition are not the same thing. This is part of The Rio Times’ daily coverage of Venezuela affairs and Latin American financial news.

Related coverage: Brazil’s Morning Call | USA & Canada Intelligence Brief for Thursday, February 19, 2

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error

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