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

More For You

Check out the latest swag from the official Puppet Regime merchandise store! Browse an array of products that will show the world you are a devoted subject of the Regime, including: A big, beautiful mug for drinking coffee very strongly, A handsome tote bag to carry your favorite classified documents, Collectible stickers, Stylish t-shirts and hoodies – now also available in pink. We ship worldwide! Shop now at shop.puppetregime.tv!

A man holds up a Venezuelan flag while taking part in a march calling for amnesty for political prisoners and to mark Youth Day, in Caracas, Venezuela, February 12, 2026.
REUTERS/Maxwell Briceno

US-backed negotiations are opening a possible path to democratic elections in Venezuela – even as the country’s most popular opposition leader remains outside the room.