Is Venezuela entering a real transition or just a more volatile phase of strongman politics?

In GZERO’s 2026 Top Risks livestream,Risa Grais-Targow, Director for Latin America at Eurasia Group, examines Delcy Rodríguez’s role as Venezuela's interim president after Nicolás Maduro. Risa notes that the Trump administration appears to prefer working with Rodríguez over opposition leader María Corina Machado.

Risa describes Trump’s approach as transactional: “This is about coercing Delcy into cooperating with US interests,” including oil access, migration, and counter-narcotics.

Rodríguez must balance regime divisions, Trump’s demands, and pressure for free and fair elections. “This feels like the start of a longer-term change process,” Risa warns, “but it’s certainly going to be volatile.”

To read more on Top Risks for 2026, head to gzeromedia.com/toprisks

Watch the full livestream conversation about Top Risks for 2026 here

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Participants hold placards during a protest to condemn the U.S. and Israeli attacks on Iran and commemorate students killed in a strike on a girls' primary school in Minab in southern Iran on February 28, in front of the U.S. embassy in Seoul, South Korea, March 12, 2026.
REUTERS/Kim Soo-hyeon

175: The number of people killed at an Iranian girls’ school in a strike on Feb. 28. Initial intelligence reports suggest that the US was to blame for the strike, per the New York Times, after the military used a now-defunct set of coordinates to deploy the hit.

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