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| 1969, Feb. 6–13 |
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| Seizure and expropriation of the properties of the IPC, after repudiation of the earlier compromise agreement. The Velasco government claimed that $690 million in oil profits had been exported since 1924. The expropriated properties were turned over to a new agency, Petroleos Peruanas (Aug.). In the aftermath, U.S. aid to Peru was briefly frozen. | 1 |
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| Feb |
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| Establishment of diplomatic and trade relations with the USSR and other Communist bloc countries. | 2 |
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| June 24 |
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| Announcement of a far-reaching program of land distribution. Seeking to end the semifeudal agrarian system and foreign enclaves, Velasco expropriated the coastal sugar plantations along with the highland haciendas, parceling them out into small and medium-size commercial units and peasant cooperatives. During the reform, over 20 million hectares of land were distributed, ending the power of the hacendados and putting 75 percent of Peru's productive land under cooperatives. However, inefficient planning and undercapitalization limited the benefits of the reform. Rural unemployment and landlessness remained endemic. | 3 |
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