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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OFAC makes Iran and Venezuela de-listings

OFAC has removed the Vietnam Gas and Chemicals Transportation Corporation and Vo Ngoc Phung from its Iran sanctions list. Both were designated in December 2018 for engaging in transactions for the transport of petroleum products from Iran (previous post). Notice. OFAC has also removed Carlos Erik Malpica Flores from its Venezuela sanctions list. Mr Malpica Flores is the nephew of …

IranIran VenezuelaVenezuela

OFAC reaches $255k settlement with Banco Popular de Puerto Rico

OFAC has announced that Puerto Rican bank Banco Popular de Puerto Rico (BPPR) has agreed to pay $255,937.86 to settle its potential civil liability for 337 apparent violations of US sanctions on Venezuela. The apparent violations arose from BPRP’s maintenance of 4 personal accounts operated by 2 Venezuelan government employees for 14 months after the issuance of Executive Order 13884. …


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 …

ChinaChina IranIran NicaraguaNicaragua Chemical WeaponsChemical Weapons VenezuelaVenezuela TurkeyTurkey Human RightsHuman Rights RussiaRussia

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 …


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