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).

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News

OFAC publishes 2 Venezuela-related FAQs on legal proceedings & shares

OFAC has published 2 new FAQs relating to Venezuela-related sanctions. FAQ 808 clarifies that a specific licence is not required to initiate or continue legal proceedings against a designated person. FAQ 809 states that parties who have shares in a listed entity must obtain a licence from OFAC prior to conducting an auction or other […]

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OFAC adds 46 to its Global Magnitsky sanctions list

OFAC has imposed sanctions on 17 Latvian, Cambodian, Serbian, and Venezuelan people determined to be engaged/complicit in corruption, and 29 entities owned/controlled by these people. All, with the exception of the Venezuela designations, are listed pursuant to the Global Magnitsky Human Rights Accountability Act (E.O. 13818, asset freeze and travel ban). See OFAC Notice for […]

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OFAC issues licence for sanctions exemption for Venezuela baseball league

It has been reported that OFAC has issued a licence authorising transactions “ordinarily incident and necessary” to participation in the Venezuelan Professional Baseball League (LVBP) from 2 December 2019 to 30 November 2021. This paves the way for US Major League Baseball players to participate in the LVBP. In August, due to sanctions concerns, MLB […]

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OFAC adds 6 oil tankers to Venezuela sanctions list

OFAC has added 6 vessels linked to the Venezuelan state-owned oil company PdVSA to its list of specially designated nationals under Executive Order 13884, which blocks the property of individuals/entities in the Government of Venezuela. The vessels: Icaro, Luisa Caceres de Arismendi, Manuela Saenz, Paramaconi, Terepaima, and Yare. OFAC has also updated a listed vessel’s […]

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OFAC sanctions Cuban company for attempting to evade sanctions on Cubametales

OFAC has designated Corporacion Panamericana S.A. pursuant to Executive Order (E.O.) 13850 (asset freeze) for being owned or controlled by, or having acted for or on behalf of, Cubametales, the Cuban state-owned oil company listed in July for operating in the oil sector of the Venezuelan economy (see post). The Treasury press release says that […]

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Current Sanctions

EU UK

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

Consolidated

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

The Export Control (Venezuela Sanctions) Order 2018 (SI 2018/108)