OFAC adds to Venezuelan oil sanctions and targets oil transportation to Cuba

OFAC has designated 34 vessels owned or operated by PdVSA, the Venezuelan state-owned oil company, and two companies operating in the oil sector of Venezuela, Ballito Bay Shipping and ProPer In Management, pursuant to Executive Order (E.O.) 13850. A vessel owned by Ballito Bay Shipping, which transported oil from Venezuela to Cuba in early 2019, has also been targeted “to hold the Cuban regime accountable for its direct involvement in Venezuela’s demise” as “Cuba continues to profit from, and prop up, the illegitimate Maduro regime through oil-for-repression schemes” through importing oil in return for providing political, intelligence, military and medical assistance to Venezuela. The vessels have been identified as blocked property, and the companies are subject to asset freezing measures, see OFAC Notice and US Treasury Press Release.