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 designates Venezuelan Central Bank and issues general licences

OFAC has designated Banco Central de Venezuela, the central bank of Venezuela, pursuant to Executive Order (E.O.) 13850, as amended, for operating in the financial sector of the Venezuelan economy. One of the bank’s directors, Iliana Josefa Ruzza Terán was also designated, pursuant to E.O. 13692, for being a current or former official of the […]

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US designates companies in Venezuelan / Cuban oil sectors

OFAC has designated 4 companies operating in the oil sector of the Venezuelan economy, and 9 vessels owned by these companies, pursuant to Executive Order 13850, as amended. Some of the vessels have transported oil from Venezuela to Cuba, and are now identified as blocked property, whilst the companies are subject to asset freezing measures. […]

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OFAC adds to Venezuelan oil sanctions and targets oil transportation to Cuba

OFAC has designated 34 vessels owned or operated by PdVSA, the Venezuelan state-owned oil company, and two companies operating in the oil sector of Venezuela, Ballito Bay Shipping and ProPer In Management, pursuant to Executive Order (E.O.) 13850. A vessel owned by Ballito Bay Shipping, which transported oil from Venezuela to Cuba in early 2019, […]

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US considering Venezuela secondary sanctions

The US is considering introducing secondary sanctions for companies outside the USA that conduct business with Venezuelan companies, including PdVSA, the Venezuelan state-owned oil company, according to John Bolton, the Trump administration’s National Security Adviser, in a recent interview. Secondary sanctions relating to Venezuela have been imposed previously under Executive Order 13850; last month Evrofinance […]

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OFAC designates Venezuela gold mining company

OFAC has imposed an asset freeze on CVG Compania General de Minieria de Venezuela CA, also known as Minerven, a Venezuelan state-run metals mining company, pursuant to Executive Order (E.O.) 13850, as amended. Its President, Adrian Antonio Perdomo Mata, has also been listed. The Treasury has stated that the gold operations “prop up the illegitimate […]

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Current Sanctions

EU UK

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) 2018/1653

Parent Decision

Council Decision (CFSP) 2017/2074

Amended by:

Council Decision (CFSP) 2018/90

Council Decision (CFSP) 2018/901

Council Decision (CFSP) 2018/1656

Sanctions and Anti-Money Laundering Act 2018

Sanctions and Anti-Money Laundering Act 2018 (Commencement No 1) Regulations 2018

Sanctions Review Procedure (EU Exit) Regulations 2018

Venezuela (Sanctions) (EU Exit) Regulations 2019