Tag Archives: Venezuela

OFAC Issues New Venezuela-related Executive Order and General Licenses

On January 28, 2019, the Department of Treasury’s Office of Foreign Assets Control (OFAC) announced that it has designated Petroleos de Venezuela, S.A. (PdVSA) following Executive Order (E.O.) 13850, after a determination by Treasury Secretary Steven T. Mnuchin and Secretary of State Michael Pompeo that PdVSA was operating in the Venezuelan oil sector. Additionally, OFAC has amended General License 3 and … Continue Reading

OFAC Issues Venezuela-related General License 6

On January 8, 2019, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Venezuela-related General License 6, which authorizes the winding down of certain specified transactions with Globovision Tele C.A. and Globovision Tele CA, Corp. until January 8, 2020. Additionally, OFAC issued new FAQs for General License 6, and also added several new individuals and entities to … Continue Reading

European Commission Published the Updated List of Competent Authorities Under the Kimberley Process, Including Venezuela

The EU updated the list of national authorities participating in the Kimberley Process certification scheme for trade in rough diamonds. The list also includes the competent authorities of Venezuela that were readmitted to participate in this scheme. (Commission Implementing Regulation (EU) 2018/578)… Continue Reading

President Trump Issues Executive Order 13827

On 19 March, the President issued Executive Order (EO) 13827, Taking Additional Steps to Address the Situation in Venezuela. This EO prohibits US persons from engaging in all transactions related to, provision of financing for and other dealings in any digital currency, digital coin or digital token that was issued by, for or on behalf of the government of Venezuela … Continue Reading

OFAC Announces New Venezuela-Related Designations

On 5 January 2018, OFAC designated four current or former Venezuelan government offcials pursuant to EO 13692 for their alleged role in undermining electoral processes, media censorship, or corruption in government-administered food programs in Venezuela. Included among the individuals designated was Rodolfo Clemente Marco Torres, who is an External Director on the Board of Directors … Continue Reading

UK Implements EU’s Venezuela Sanctions Regime

On 6 December 2017, the Venezuela (European Union Financial Sanctions) Regulations 2017 entered into force in the UK. This regulation implements Council Regulation (EU) 2017/2063 of 13 November 2017 and provides for the imposition of restrictive measures on persons or entities considered to be involved in undermining democratic principles and the rule of law, as … Continue Reading

EU Adds Seven Venezuelan Officials to Restrictive Measures List

On 22 January 2018, the EU froze the assets of seven Venezuelan officials, notably including the Minister for Interior, the head of the Intelligence Service, the head of the National Electoral Council and the President of the Supreme Court of Justice. These individuals are considered by the EU to be “involved in the non-respect of … Continue Reading

New Venezuela-Related Frequently Asked Questions

The US Department of Treasury’s Office of Foreign Assets Control (OFAC) has published two new Frequently Asked Questions (FAQ) concerning economic sanctions adopted in August against the Government of Venezuela, under Executive Order (EO) 13808. The first FAQ explains the treatment of Petroleos de Venezuela, S.A. (PdVSA), a state-owned entity, under EO 13808. The second … Continue Reading

UK Introduces Regulations in Light of EU Sanctions on Venezuela

In November, the UK passed the Venezuela (European Union Financial Sanctions) Regulations 2017. The regulations follow the EU’s recent sanctions on Venezuela as part of Council Regulation (EU) 2017/2063. They cover offences, penalties and other provisions, such as reporting obligations. On 15 November, the UK Department for International Trade published a notice to exporters (Notice … Continue Reading

EU Imposes Restrictive Measures, Including Arms Embargo on Venezuela

On 13 November, the Foreign Affairs Council of the EU adopted conclusions on Venezuela, including the imposition of an arms embargo. On the back of a UN report that described a “worsening human rights situation … within a wider severe economic and social crisis in the country and an increasingly unstable and polarized national political … Continue Reading

OFAC Targets Venezuelan Executive Vice President and Others Under Drug Trafficking Sanctions

On 13 February, the Office of Foreign Assets Control (OFAC) published the names of two individuals and 13 entities designated for blocking sanction under the Kingpin Act for involvement in narcotics trafficking. These included Venezuelan Vice President Tareck Zaidan El Aissami Maddah, and his business partner Samark Jose Lopez Bello, and a network of US and … Continue Reading

Trade Talk: Week in Review (11-16 July 2016)

Iran – Legislative Action on New Restrictions. On the one-year anniversary of the Joint Comprehensive Plan of Action (JCPOA) Thursday, President Obama issued a statement saying: “[T]he Iran Deal has succeeded in rolling back Iran’s nuclear program, avoiding further conflict and making us safer.” Senate Foreign Relations Committee (SFRC) Chairman Bob Corker (R-Tennessee), along with … Continue Reading

Trade Talk – Week in Review (23-27 May 2016)

G-7 Leaders’ Declaration.   The G-7 Leaders’ Declaration issued on Friday from Ise-Shima, Japan, touched on topics such as the global economy, trade, maritime security, cyberspace, anti-corruption, infrastructure, global health challenges, climate change and female empowerment.  The Leaders advocated TPP member states ratify the agreement, while also addressing the global excess steel capacity issue, government subsidies … Continue Reading
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