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Sanctions Profile: Venezuela
At a glance
EU sanctions on Venezuela were first imposed in November 2017 in view of the country’s continuing deterioration of democracy, the rule of law and human rights (Council Decision (CFSP) 2017/2074 & Council Regulation (EU) 2017/2063).
The UK adopted The Venezuela (Sanctions) (EU Exit) Regulations 2019 at the end of the Brexit transition period. It aims to encourage the government of Venezuela to respect democratic principles, comply with international human rights law, and respect human rights.
News
Renewal of US & EU sanctions regimes & third countries align with EU sanctions
US The US has renewed multiple sanctions regimes by extending for 1 year the national emergencies declared in: Executive Order (E.O.) 13959, “Addressing the Threat from Securities Investments that Finance Certain Companies of the People’s Republic of China”, as amended by E.O. 14032. Previous post & post. Letter & Notice. O. 12170, “Blocking Iranian Government Property”. Notice. O. 13851, “Blocking …
China 
Iran 
Nicaragua 
Chemical Weapons 
Venezuela 
Turkey 
Human Rights 
Russia
Venezuela General Licence 8I issued by OFAC
On 24 November 2021, OFAC issued Venezuela General Licence (GL) 8I, “Authorising Transactions Involving Petróleos de Venezuela, S.A. (PdVSA) Necessary for the Limited Maintenance of Essential Operations in Venezuela or the Wind Down of Operations in Venezuela for Certain Entities”. GL 8I replaces and supersedes GL 8H in its entirety and extends the expiry of the GL to 1 June …
MEPs urge Portuguese bank to release Venezuelan funds for humanitarian supplies
In a letter to the CEO of Portuguese bank Novo Banco, a coalition of Members of the European Parliament (MEPs) and Irish politicians has urged the bank to release a payment from the Venezuelan Economic and Social Development Bank (BANDES) to the Pan American Health Organisation for syringes and vaccines for children. Novo Banco is reported to have declined to …
Venezuela and Iran reported to have struck oil deal
The Venezuelan and Iranian state-run oil companies Petroleos de Venezuela (PDVSA) and National Iranian Oil Company (NIOC) are reported to have agreed a deal to swap Venezuelan heavy oil for Iranian condensate. The US maintains sanctions on the Venezuelan and Iranian oil sectors as well as the specific designations of both companies (see post and post).
OFAC issues Venezuela General Licence 5H & FAQ
The US Treasury Department’s Office of Foreign Assets Control (OFAC) has issued Venezuela-related General Licence (GL) 5H, which delays until 21 January 2022 the authorisation of US persons to engage in transactions related to the provision of financing for/other dealings in the Petróleos de Venezuela, S.A. (PdVSA) 2020 8.5% bond, otherwise prohibited by subsection 1(a)(iii) Executive Order 13835. GL 5G …
Current Sanctions
Consolidated
Council Regulation (EU) 2017/2063
Parent Regulation
Council Regulation (EU) 2017/2063
Amended by:
Council Implementing Regulation (EU) 2018/88
Council Implementing Regulation (EU) 2018/899
Council Implementing Regulation (EU) 2019/1169
Council Implementing Regulation (EU) 2018/1653
Council Regulation (EU) 2019/1889
Council Implementing Regulation (EU) 2020/897
Consolidated
Council Decision (CFSP) 2017/2074
Parent Decision
Council Decision (CFSP) 2017/2074
Amended by: