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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News

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 …

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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).

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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 …

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Miami businessman charged with Venezuela sanctions violations

A criminal complaint has been unsealed in the US District Court for the Southern District of California charging chief executive of Miami-based Achabal Technologies Inc, Jorge Nobrega, with conspiracy to violate the International Emergency Economic Powers Act (IEEPA), conspiracy to commit money laundering, and money laundering. Case 1:21-mj-03590-JB. Between February 2019 and May 2021, Mr Nobrega allegedly conspired with Venezuela …

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EU Commission guidance on Covid-19 humanitarian aid in terrorism sanctions

The EU Commission has expanded its Guidance Note again on the provision of Covid-19-related humanitarian aid to countries/areas subject to EU sanctions, to include a chapter on counter-terrorism sanctions. The Commission has previously published chapters on Syria (post), Iran and Venezuela (post), and Nicaragua (post). Notice and Statement. It is on the ‘guidance’ section of this site. The guidance note …

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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

Council Implementing Regulation (EU) 2020/897

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

Council Decision (CFSP) 2020/898

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