IBOV 173,371.35 ▼ 0.20% IPSA 10,896.87 ▲ 0.10% IPC MEX 66,125.27 ▼ 0.74% MERVAL 3,223,652 ▲ 0.74% COLCAP 2,298.34 — 0.00% BVL PERÚ 55,645.90 — — USD/BRL5.08▼ 0.17% USD/MXN17.38▼ 0.26% USD/CLP933.60▼ 0.15% USD/COP3,254▼ 0.44% USD/PEN3.39▲ 0.09% USD/ARS1,481▼ 0.03% USD/UYU40.19▲ 1.43% USD/PYG6,031▼ 0.03% USD/BOB10.75▲ 2.22% USD/DOP58.25▲ 0.02% USD/CRC447.35▲ 1.43% USD/GTQ7.62▲ 2.33% USD/HNL26.74▲ 1.61% USD/NIO36.62▲ 0.84% USD/VES735.39▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.59— 0.00% USD/TTD6.73▲ 1.11% EUR/BRL5.80▼ 0.89% BRENT 88.35 ▼ 0.98% WTI 81.90 ▼ 1.60% IRON ORE 161.91 — — COPPER 6.50 ▲ 3.18% GOLD 4,076 ▲ 1.65% SILVER 59.45 ▲ 4.66% SOY 1,226 ▲ 0.02% CORN 471.50 ▲ 4.89% WHEAT 673.25 ▼ 0.11% COFFEE 308.70 ▼ 6.01% SUGAR 14.86 ▲ 0.27% ORANGE JUICE 146.90 ▲ 6.30% COTTON 79.87 ▲ 3.23% COCOA 5,664 ▲ 2.37% BEEF 223.30 ▼ 0.50% CATTLE 346.78 ▲ 0.24% LITHIUM 66.92 ▼ 2.14% PETR4 41.15 ▲ 0.61% VALE3 71.93 ▼ 1.38% ITUB4 42.30 ▲ 0.81% BBDC4 18.41 ▲ 0.66% ABEV3 15.79 ▲ 1.02% BBAS3 20.17 ▼ 1.56% B3SA3 15.26 ▲ 0.39% WEGE3 43.13 ▼ 1.15% PRIO3 57.69 ▼ 0.28% SUZB3 41.89 ▼ 0.10% RENT3 37.49 ▼ 1.94% AZZA3 18.17 ▼ 2.26% CSAN3 3.82 ▼ 0.52% RAIZ4 0.27 ▼ 6.90% PCAR3 2.60 — 0.00% GMAT3 3.85 ▼ 0.77% PSSA3 54.20 ▼ 1.70% CVCB3 1.08 ▼ 11.48% POSI3 3.70 ▼ 2.63% SLCE3 13.57 ▲ 0.30% NATU3 8.63 ▲ 0.94% BRKM5 5.94 ▼ 4.04% RANI3 7.99 ▲ 0.50% CSNA3 5.07 ▲ 0.40% CMIN3 5.39 ▲ 1.13% USIM5 8.16 ▼ 0.85% GGBR4 23.62 ▼ 1.75% ENEV3 25.65 ▼ 0.12% CPFE3 46.32 ▼ 1.17% CMIG4 11.02 ▼ 0.90% EQTL3 39.29 ▼ 0.53% LREN3 13.31 ▼ 0.82% VIVT3 35.67 ▲ 0.42% RAIL3 13.57 ▼ 0.95% KLABIN 17.48 ▼ 0.57% RAIA DROGASIL 18.69 ▲ 0.75% RDOR3 35.45 ▼ 0.92% HAPV3 11.55 ▲ 1.49% FLRY3 16.56 ▼ 0.18% SMTO3 15.41 ▼ 0.26% UGPA3 31.70 ▼ 1.15% VBBR3 34.11 ▼ 2.32% BBSE3 41.05 ▼ 0.17% BPAC11 55.84 ▼ 0.61% CURY3 30.19 ▼ 1.57% AERI3 2.07 ▲ 2.48% VIVARA 21.96 ▼ 2.14% COMPASS 24.60 ▼ 1.13% VAMOS 3.09 ▼ 2.52% SANB11 27.01 ▲ 1.35% ASAI3 8.14 ▼ 4.24% SBSP3 28.98 ▼ 0.82% WALMEX 49.38 ▼ 0.22% GMEXICO 201.45 ▲ 0.42% FEMSA 226.85 ▲ 0.49% CEMEX 21.81 ▼ 4.05% GFNORTE 180.00 ▼ 0.74% BIMBO 59.31 ▲ 2.26% TELEVISA 9.71 ▲ 1.46% AMX 22.74 ▼ 1.13% GAP 378.19 ▼ 2.02% ASUR 274.37 ▼ 1.91% OMA 226.42 ▼ 1.82% KOF 180.95 ▲ 0.11% GRUMA 287.60 ▲ 0.39% KIMBER 38.39 ▼ 0.72% SQM-B 63,400 ▼ 3.13% COPEC 6,345 ▲ 1.53% BSANTANDER 78.90 ▲ 2.47% FALABELLA 5,850 ▲ 0.26% ENELAM 84.67 ▲ 0.75% CENCOSUD 2,005 ▲ 0.50% CMPC 1,088 ▲ 1.68% BANCO CHILE 189.95 ▲ 0.77% LATAM AIR 24.36 ▼ 1.62% YPF 79,200 ▲ 1.67% GGAL 7,845 ▼ 0.19% PAMPA 5,270 ▲ 1.93% TXAR 675.00 ▲ 1.66% ALUAR 959.50 ▲ 1.05% TGS 9,500 ▲ 1.39% CEPU 2,289 ▲ 1.10% MIRGOR 17,125 ▲ 1.48% COME 42.95 ▼ 2.03% LOMA NEGRA 3,558 ▲ 0.99% BYMA 294.50 ▼ 1.09% TELECOM ARG 4,145 ▼ 0.12% ECOPETROL 16.04 ▼ 0.34% BANCOLOMBIA 80.82 ▲ 0.51% GRUPO AVAL 4.95 ▲ 0.61% CREDICORP 386.85 ▼ 0.96% SOUTHERN COPPER 175.07 ▲ 1.50% BUENAVENTURA 30.06 ▼ 0.60% MERCADOLIBRE 1,832 ▲ 1.02% NUBANK 13.99 ▲ 2.94% XP 16.80 ▲ 0.78% PAGSEGURO 9.29 ▲ 2.77% STONE 11.12 ▼ 0.27% GLOBANT 32.29 ▲ 0.19% TECNOGLASS 46.11 ▼ 0.80% GAP AIRPORT 217.12 ▼ 1.72% ASUR 274.37 ▼ 1.91% OMA AIRPORT 104.01 ▼ 1.23% AMX ADR 26.10 ▼ 0.65% FEMSA ADR 130.01 ▲ 0.77% CEMEX ADR 12.49 ▼ 3.70% PETROBRAS ADR 18.19 ▲ 1.22% VALE ADR 14.10 ▼ 0.63% ITAU ADR 8.32 ▲ 1.46% SANTANDER BR 5.38 ▲ 2.67% AMBEV ADR 3.08 ▲ 1.65% CSN 1.01 ▲ 2.02% GERDAU 4.68 ▼ 0.85% LATAM ADR 51.74 ▼ 1.56% BTC 66,139 ▲ 1.39% ETH 1,932 ▲ 1.49% SOL 78.41 ▲ 0.79% XRP 1.13 ▲ 1.90% BNB 576.36 ▲ 0.99% ADA 0.18 ▲ 3.37% DOGE 0.07 ▲ 1.66% AVAX 6.66 ▲ 1.27% LINK 8.72 ▲ 1.61% DOT 0.86 ▲ 3.74% LTC 47.51 ▲ 0.36% BCH 223.74 ▲ 1.74% TRX 0.33 ▼ 0.12% XLM 0.19 ▲ 1.75% HBAR 0.07 ▲ 1.19% NEAR 2.01 ▲ 1.84% ATOM 1.51 ▲ 0.87% AAVE 94.82 ▲ 5.62% SELIC 14.25% EMBRAER 83.29 ▲ 1.88% EMBRAER ADR 65.93 ▲ 2.87% JBS 12.03 ▲ 1.01% JBS BDR 60.79 ▲ 0.98% MBRF3 14.52 ▼ 3.39% MBRFY 2.91 — 0.00% INTER 5.62 ▲ 4.66% EGX 53,793 ▲ 1.26% USD/ZAR16.43▼ 0.61% USD/NGN 1,376 — 0.00% NIKKEI 66,232 ▲ 3.26% CSI300 4,739 ▲ 3.06% HSI 25,131 ▼ 0.05% NIFTY 24,174 ▼ 0.27% KOSPI 6,748 ▲ 3.56% JCI 6,316 ▲ 1.36% USD/JPY162.63▲ 0.08% USD/CNY6.77▼ 0.03% DAX 24,855 ▲ 0.03% CAC 8,343 ▲ 0.04% FTSE 10,505 ▼ 0.19% MIB 52,086 ▲ 0.43% IBEX 19,262 ▲ 0.29% STOXX 640.08 ▲ 0.08% EUR/USD1.14▲ 0.10% GBP/USD1.34▼ 0.01% SPX 7,443 ▼ 0.19% DJI 51,839 ▼ 0.59% NDX 28,604 ▲ 0.04% RUT 2,942 ▼ 0.67% TSX 34,960 ▼ 0.86% VIX 17.61 ▼ 5.58% USD/CAD1.41▼ 0.03% US10Y 4.5980 ▲ 1.26% IBOV 173,371.35 ▼ 0.20% IPSA 10,896.87 ▲ 0.10% IPC MEX 66,125.27 ▼ 0.74% MERVAL 3,223,652 ▲ 0.74% COLCAP 2,298.34 — 0.00% BVL PERÚ 55,645.90 — — USD/BRL 5.08 ▼ 0.17% USD/MXN 17.38 ▼ 0.26% USD/CLP 933.60 ▼ 0.15% USD/COP 3,254 ▼ 0.44% USD/PEN 3.39 ▲ 0.09% USD/ARS 1,481 ▼ 0.03% USD/UYU 40.19 ▲ 1.43% USD/PYG 6,031 ▲ 1.52% USD/BOB 10.75 ▲ 2.22% USD/DOP 58.25 ▲ 0.02% USD/CRC 447.35 ▲ 1.43% USD/GTQ 7.62 ▲ 2.33% USD/HNL 26.74 ▲ 1.61% USD/NIO 36.62 ▲ 0.84% USD/VES 735.39 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.59 ▲ 0.60% USD/TTD 6.73 ▲ 1.11% EUR/BRL 5.80 ▼ 0.89% BRENT 88.35 ▼ 0.98% WTI 81.90 ▼ 1.60% IRON ORE 161.91 — — COPPER 6.50 ▲ 3.18% GOLD 4,076 ▲ 1.65% SILVER 59.45 ▲ 4.66% SOY 1,226 ▲ 0.02% CORN 471.50 ▲ 4.89% WHEAT 673.25 ▼ 0.11% COFFEE 308.70 ▼ 6.01% SUGAR 14.86 ▲ 0.27% ORANGE JUICE 146.90 ▲ 6.30% COTTON 79.87 ▲ 3.23% COCOA 5,664 ▲ 2.37% BEEF 223.30 ▼ 0.50% CATTLE 346.78 ▲ 0.24% LITHIUM 66.92 ▼ 2.14% PETR4 41.15 ▲ 0.61% VALE3 71.93 ▼ 1.38% ITUB4 42.30 ▲ 0.81% BBDC4 18.41 ▲ 0.66% ABEV3 15.79 ▲ 1.02% BBAS3 20.17 ▼ 1.56% B3SA3 15.26 ▲ 0.39% WEGE3 43.13 ▼ 1.15% PRIO3 57.69 ▼ 0.28% SUZB3 41.89 ▼ 0.10% RENT3 37.49 ▼ 1.94% AZZA3 18.17 ▼ 2.26% CSAN3 3.82 ▼ 0.52% RAIZ4 0.27 ▼ 6.90% PCAR3 2.60 — 0.00% GMAT3 3.85 ▼ 0.77% PSSA3 54.20 ▼ 1.70% CVCB3 1.08 ▼ 11.48% POSI3 3.70 ▼ 2.63% SLCE3 13.57 ▲ 0.30% NATU3 8.63 ▲ 0.94% BRKM5 5.94 ▼ 4.04% RANI3 7.99 ▲ 0.50% CSNA3 5.07 ▲ 0.40% CMIN3 5.39 ▲ 1.13% USIM5 8.16 ▼ 0.85% GGBR4 23.62 ▼ 1.75% ENEV3 25.65 ▼ 0.12% CPFE3 46.32 ▼ 1.17% CMIG4 11.02 ▼ 0.90% EQTL3 39.29 ▼ 0.53% LREN3 13.31 ▼ 0.82% VIVT3 35.67 ▲ 0.42% RAIL3 13.57 ▼ 0.95% KLABIN 17.48 ▼ 0.57% RAIA DROGASIL 18.69 ▲ 0.75% RDOR3 35.45 ▼ 0.92% HAPV3 11.55 ▲ 1.49% FLRY3 16.56 ▼ 0.18% SMTO3 15.41 ▼ 0.26% UGPA3 31.70 ▼ 1.15% VBBR3 34.11 ▼ 2.32% BBSE3 41.05 ▼ 0.17% BPAC11 55.84 ▼ 0.61% CURY3 30.19 ▼ 1.57% AERI3 2.07 ▲ 2.48% VIVARA 21.96 ▼ 2.14% COMPASS 24.60 ▼ 1.13% VAMOS 3.09 ▼ 2.52% SANB11 27.01 ▲ 1.35% ASAI3 8.14 ▼ 4.24% SBSP3 28.98 ▼ 0.82% WALMEX 49.38 ▼ 0.22% GMEXICO 201.45 ▲ 0.42% FEMSA 226.85 ▲ 0.49% CEMEX 21.81 ▼ 4.05% GFNORTE 180.00 ▼ 0.74% BIMBO 59.31 ▲ 2.26% TELEVISA 9.71 ▲ 1.46% AMX 22.74 ▼ 1.13% GAP 378.19 ▼ 2.02% ASUR 274.37 ▼ 1.91% OMA 226.42 ▼ 1.82% KOF 180.95 ▲ 0.11% GRUMA 287.60 ▲ 0.39% KIMBER 38.39 ▼ 0.72% SQM-B 63,400 ▼ 3.13% COPEC 6,345 ▲ 1.53% BSANTANDER 78.90 ▲ 2.47% FALABELLA 5,850 ▲ 0.26% ENELAM 84.67 ▲ 0.75% CENCOSUD 2,005 ▲ 0.50% CMPC 1,088 ▲ 1.68% BANCO CHILE 189.95 ▲ 0.77% LATAM AIR 24.36 ▼ 1.62% YPF 79,200 ▲ 1.67% GGAL 7,845 ▼ 0.19% PAMPA 5,270 ▲ 1.93% TXAR 675.00 ▲ 1.66% ALUAR 959.50 ▲ 1.05% TGS 9,500 ▲ 1.39% CEPU 2,289 ▲ 1.10% MIRGOR 17,125 ▲ 1.48% COME 42.95 ▼ 2.03% LOMA NEGRA 3,558 ▲ 0.99% BYMA 294.50 ▼ 1.09% TELECOM ARG 4,145 ▼ 0.12% ECOPETROL 16.04 ▼ 0.34% BANCOLOMBIA 80.82 ▲ 0.51% GRUPO AVAL 4.95 ▲ 0.61% CREDICORP 386.85 ▼ 0.96% SOUTHERN COPPER 175.07 ▲ 1.50% BUENAVENTURA 30.06 ▼ 0.60% MERCADOLIBRE 1,832 ▲ 1.02% NUBANK 13.99 ▲ 2.94% XP 16.80 ▲ 0.78% PAGSEGURO 9.29 ▲ 2.77% STONE 11.12 ▼ 0.27% GLOBANT 32.29 ▲ 0.19% TECNOGLASS 46.11 ▼ 0.80% GAP AIRPORT 217.12 ▼ 1.72% ASUR 274.37 ▼ 1.91% OMA AIRPORT 104.01 ▼ 1.23% AMX ADR 26.10 ▼ 0.65% FEMSA ADR 130.01 ▲ 0.77% CEMEX ADR 12.49 ▼ 3.70% PETROBRAS ADR 18.19 ▲ 1.22% VALE ADR 14.10 ▼ 0.63% ITAU ADR 8.32 ▲ 1.46% SANTANDER BR 5.38 ▲ 2.67% AMBEV ADR 3.08 ▲ 1.65% CSN 1.01 ▲ 2.02% GERDAU 4.68 ▼ 0.85% LATAM ADR 51.74 ▼ 1.56% BTC 66,139 ▲ 1.39% ETH 1,932 ▲ 1.49% SOL 78.41 ▲ 0.79% XRP 1.13 ▲ 1.90% BNB 576.36 ▲ 0.99% ADA 0.18 ▲ 3.37% DOGE 0.07 ▲ 1.66% AVAX 6.66 ▲ 1.27% LINK 8.72 ▲ 1.61% DOT 0.86 ▲ 3.74% LTC 47.51 ▲ 0.36% BCH 223.74 ▲ 1.74% TRX 0.33 ▼ 0.12% XLM 0.19 ▲ 1.75% HBAR 0.07 ▲ 1.19% NEAR 2.01 ▲ 1.84% ATOM 1.51 ▲ 0.87% AAVE 94.82 ▲ 5.62% SELIC 14.25% EMBRAER 83.29 ▲ 1.88% EMBRAER ADR 65.93 ▲ 2.87% JBS 12.03 ▲ 1.01% JBS BDR 60.79 ▲ 0.98% MBRF3 14.52 ▼ 3.39% MBRFY 2.91 — 0.00% INTER 5.62 ▲ 4.66% EGX 53,793 ▲ 1.26% USD/ZAR 16.42 ▼ 0.44% USD/NGN 1,376 — 0.00% NIKKEI 66,232 ▲ 3.26% CSI300 4,739 ▲ 3.06% HSI 25,131 ▼ 0.05% NIFTY 24,174 ▼ 0.27% KOSPI 6,748 ▲ 3.56% JCI 6,316 ▲ 1.36% USD/JPY 162.60 ▲ 0.08% USD/CNY 6.7654 ▲ 0.12% DAX 24,855 ▲ 0.03% CAC 8,343 ▲ 0.04% FTSE 10,505 ▼ 0.19% MIB 52,086 ▲ 0.43% IBEX 19,262 ▲ 0.29% STOXX 640.08 ▲ 0.08% EUR/USD 1.1426 ▲ 0.11% GBP/USD 1.3441 ▲ 0.11% SPX 7,443 ▼ 0.19% DJI 51,839 ▼ 0.59% NDX 28,604 ▲ 0.04% RUT 2,942 ▼ 0.67% TSX 34,960 ▼ 0.86% VIX 17.61 ▼ 5.58% USD/CAD 1.4061 ▼ 0.12% US10Y 4.5980 ▲ 1.26%
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Tuesday, July 21, 2026

Analysis Latin America

Why the U.S. Views Maduro as a Narco-Terrorist Instead of Venezuela’s President

By · August 26, 2025 · 4 min read

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(Analysis) The Cartel de los Soles, often called the “Cartel of the Suns,” is a powerful criminal network embedded within Venezuela’s military and government.

This group, named after the sun-like insignia on Venezuelan generals’ uniforms, has long been accused of running massive drug trafficking operations while blending seamlessly with state power.

In a major escalation, on July 25, 2025, the United States designated it as a specially designated global terrorist organization through the Department of the Treasury’s Office of Foreign Assets Control.

This move highlights its role in supporting other violent groups, like the Tren de Aragua and Mexico’s Sinaloa Cartel, by providing them with resources, protection, and logistics to traffic drugs across borders.

Ecuador followed suit on August 14, 2025, with President Daniel Noboa declaring it a terrorist group linked to organized crime, citing threats to regional security.

Why the U.S. Views Maduro as a Narco-Terrorist Instead of Venezuela's President
Why the U.S. Views Maduro as a Narco-Terrorist Instead of Venezuela’s President. (Photo Internet reproduction)
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Paraguay joined just days later, on August 20, 2025, when President Santiago Peña signed a decree labeling it an international terrorist organization, making it the third country to take this step in quick succession.

Argentina is reportedly preparing its own decree to do the same, signaling a growing regional coalition against the cartel.

The cartel’s origins trace back to the 1990s, when Venezuelan military officers began collaborating with drug traffickers, initially by taking bribes to ignore shipments.

The term “Cartel of the Suns” first appeared in 1993 during investigations into two National Guard generals, Ramón Guillén Dávila and Orlando Hernández Villegas, who were indicted for drug trafficking in the U.S.

It gained notoriety in the early 2000s through the work of journalist and city councilman Mauro Marcano, who accused high-ranking National Guard officers of controlling cocaine routes.

Marcano planned to present evidence publicly but was assassinated on September 1, 2004, just days before his testimony. His murder involved multiple gunshots while he was in his car.

The killing underscored the dangers of exposing the group and cemented its name in security discussions across the region. By 2005, international media like The Miami Herald reported on the cartel as a coalition of army and National Guard generals deeply involved in smuggling.

Over the years, investigations linked it to Colombian paramilitary leaders like Hermágoras González Polanco and key smuggling corridors along Venezuela’s borders with Colombia and Brazil.

Under leaders like Nicolás Maduro, who heads the cartel according to U.S. officials, it has evolved into a sophisticated operation corrupting Venezuela‘s military, intelligence, legislature, and judiciary.

The group uses state infrastructure—airports, seaports, and military convoys—to move massive quantities of cocaine.

For instance, in 2013, Venezuelan National Guard members were implicated in loading 1.3 tons of cocaine onto an Air France flight to Paris, marking one of the largest seizures in France’s history.

In 2014, a National Guard commander was arrested with 554 kilograms of cocaine in his vehicle. More recently, the cartel has been tied to trafficking networks that flood the U.S. with fentanyl and other drugs, contributing to over 100,000 overdose deaths annually in America alone, as per broader drug trade statistics.

Venezuela’s role in global cocaine trafficking has surged; by 2025 estimates from the UN’s World Drug Report, the country facilitates the movement of hundreds of tons of cocaine yearly, often in partnership with groups like the FARC dissidents and other transnational criminals.

The cartel’s alliances amplify its threat. It provides “material support” to the Tren de Aragua, a gang born in Venezuelan prisons under leader Héctor “Niño Guerrero” Guerrero Flores.

The group now operates in at least eight Latin American countries and the U.S. Tren de Aragua is involved in human trafficking, extortion, sexual exploitation, and murders.

It exploits Venezuelan migrant flows—over 7.7 million people have fled Venezuela since 2014, with many becoming victims or recruits.

In Chile, for example, the gang was linked to the 2025 kidnapping and murder of former Venezuelan lieutenant Ronald Ojeda, an operation allegedly ordered from Venezuela.

Similarly, the cartel aids the Sinaloa Cartel, one of Mexico’s oldest and deadliest, responsible for trafficking a significant portion of fentanyl into the U.S., fueling violence that kills thousands annually—Sinaloa-related conflicts alone caused over 30,000 homicides in Mexico in 2024.

These partnerships have led to spikes in regional violence; in Ecuador, cartel-linked gangs contributed to a 300% rise in homicides from 2020 to 2024, prompting states of emergency.

U.S. cartel sanctions trigger denials and rifts

The 2025 terrorist designations unlock powerful tools: freezing assets, banning travel, and prosecuting supporters. Shortly after, the U.S. doubled its bounty on Maduro to $50 million on August 7, 2025, for narco-terrorism charges.

This pressures the entire network, from pilots and bankers to shell companies. Venezuela’s government denies the cartel’s existence, with Minister Diosdado Cabello calling it a U.S. “invention” on August 7, 2025, and framing accusations as imperial attacks.

Colombian President Gustavo Petro echoed this, stating on August 25, 2025, that the cartel “does not exist.” Despite denials, endorsements from Ecuador and Paraguay show shifting regional dynamics, potentially leading to more coalitions.

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