By Maya Lester KC & Michael O’Kane

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.

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Delaware court: Venezuela creditors can seize PDV Holding shares if licensed by OFAC

The US District Court for the District of Delaware has granted 4 companies the right to seize shares in Delaware corporation PDV Holding, Inc. that are held by Venezuelan state-owned petroleum company Petróleos de Venezuela, S.A. (PDVSA), in order to collect on debts owed by Venezuela. This is because the companies, OI European Group B.V., Huntington Ingalls Industries Inc, ACL1 …


OFAC issues Russia and Venezuela-related General Licences

OFAC yesterday issued 3 Russia-related and a Venezuela-related General Licence (GL). Notice & Notice. Russia OFAC has issued: Russia-related GL 6C, “Transactions Related to Agricultural Commodities, Medicine, Medical Devices, Replacement Parts and Components, or Software Updates, the Coronavirus Disease 2019 (COVID-19) Pandemic, or Clinical Trials”; Russia-related GL 54A, “Authorising Certain Transactions Involving VEON Ltd. or VEON Holdings B.V. Prohibited by …

RussiaRussia VenezuelaVenezuela

OFAC issues Venezuela-related General Licence 31B

OFAC has issued Venezuela-related General Licence (GL) 31B, “Certain Transactions Involving the IV Venezuelan National Assembly and Certain Other Persons”, which replaces and supersedes GL 31A in its entirety and authorises US persons to engage in all transactions (Notice): Prohibited by Executive Order (E.O.) 13884 and involving the IV Venezuelan National Assembly seated on 5 January 2016, its Delegated Commission, …


US SDN amendments & new FAQ designations and removal & adds one new FAQ

OFAC has made new Russia, Iran and Counter-terrorism designations and removed individuals and an aircraft from its Nicaragua & Venezuela sanctions lists. These changes are set out in this Notice  & this Notice It also published one Russia FAQ on the petroleum price cap (1109)

IranIran NicaraguaNicaragua VenezuelaVenezuela RussiaRussia

US issues Venezuela Chevron GL after government & opposition agreement

Following the Venezuelan government and an opposition coalition’s agreement to implement a humanitarian relief program and continue talks on the 2024 elections, OFAC has issued Venezuela-related General License (GL) 41. The GL authorises transactions ordinarily incident and necessary to certain activities related to the operation and management by Chevron Corporation or its subsidiaries of its joint ventures involving US-listed Venezuelan …


Current Sanctions



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

Council Implementing Regulation (EU) 2021/1959


Council Decision (CFSP) 2017/2074

Parent Decision

Council Decision (CFSP) 2017/2074

Amended by:

Council Decision (CFSP) 2018/90

Council Decision (CFSP) 2018/901

Council Decision (CFSP) 2018/1656

Council Decision (CFSP) 2019/1171

Council Decision (CFSP) 2019/1893

Council Decision (CFSP) 2020/898

Council Decision (CFSP) 2021/1965

Venezuela (Sanctions) (EU Exit) Regulations 2019, SI 2019/135

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