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).Show full details
The regime comprises an arms embargo, as well as targeted asset freezes and travel bans. There are no UN sanctions on Venezuela.
Summary of Current EU Sanctions:
People and entities:
Yesterday (11 February), OFAC issued 2 Venezuela-related general licences which amend and replace their previous versions: General Licences 3C and 9B. OFAC also revised Venezuela-related FAQs 650, 661, and 662. See OFAC Notice.
Last week, OFAC amended 2 FAQs (595 and 648), issued 13 new FAQs, and amended 2 General Licences (3B and 9A) in connection with the recent designation of Venezuela’s state-owned oil company Petroleos de Venezuela SA (PdVSA) (see previous blog). See OFAC Notices here and here.
The UK Government has now published regulations under the Sanctions and Anti-Money Laundering Act 2018 on the following regimes: The Iran (Sanctions) (Human Rights) (EU Exit) Regulations 2019, SI 2019/134. See Explanatory Memorandum and Statutory Guidance. The Venezuela (Sanctions) (EU Exit) Regulations 2019, SI 2019/135. See Explanatory Memorandum and Statutory Guidance. The Burma (Sanctions) (EU Exit) […]
Yesterday (28 January), OFAC designated, pursuant to Executive Order 13850, Venezuela’s state-owned oil company Petroleos de Venezuela SA (PdVSA) for “operating in the oil sector of the Venezuelan economy”. The company is now subject to a US asset freeze. See OFAC Notice and US Treasury Press Release. In addition, OFAC issued 9 new Venezuela-related General […]
Venezuela has initiated WTO dispute consultations with the US, claiming that certain US laws and regulations relating to goods of Venezuelan origin, the liquidity of Venezuelan public debt, transactions in Venezuelan digital currency, and the SDN List are inconsistent with the WTO’s General Agreement on Tariffs and Trade (GATT) 1994 and the General Agreement on […]