New Delhi, Jan. 10 -- Best of the Week is a weekly newsletter by Siddharth Sharma/Shravani Sinha. Subscribe to Mint's newsletters to get them directly in your inbox.

The dramatic US intervention in Venezuela has thrown up an uncomfortable mix of hope and anxiety for New Delhi. On paper, a possible easing of American sanctions could finally unlock India's long-stuck energy investments and nearly $600 million in unpaid dividends. In reality, the immediate picture is far messier.

India's state-run oil firms had poured about $2.5 billion into Venezuela before US sanctions tightened in 2020. Back then, India was among the biggest buyers of Venezuelan heavy crude, importing over 400,000 barrels a day at peak levels. Sanctions not only choked ...