Latham & Watkins Export Controls, Economic Sanctions & Customs Practice January 8, 2019 | Number 2429 . Switzerland, for example, just joined the E.U. Trump's tightening of sanctions contributed last year to a 38% fall in Venezuela's oil exports - the backbone of its economy - to their lowest level in 77 years and curtailed sources of fuel imports, worsening gasoline shortages in the nation of some 30 million people. New Venezuela Sanctions-Sectoral Sanctions Without the ... The United States imposed sanctions on Friday on four current or former Venezuelan government officials, including an ex-food minister who is accused of corruption and mismanagement of the country's food supply. (© Ariana Cubillos/AP Images) Since 2017, the U.S. has sanctioned people, businesses, and oil entities associated with the former Maduro regime, both inside and outside of Venezuela. Venezuela - EU Sanctions The exception is where a U.S. sanctions regime, such as those against Iran or Russia, incorporate the SDN List. (Venezuelanalysis) The economic aggression against Venezuela began with individual sanctions and it quickly escalated to a full-fledged blockade. Obama to Sign Venezuela Sanctions Bill. ITAR Based sanctions, see chapter on ITAR for more detailed information. These Venezuela sanctions developments are described in more detail below. Venezuela sanctions. Posted in Office of Foreign Assets Control (OFAC), Sanctions, Venezuela, Venezuela Sanctions. 13884 authorizes OFAC to add to the SDN List persons determined t o have "materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of" parties added to the SDN List under the order. Venezuela (VE) - freezing of funds and economic resources - embargo on arms and related materiel. On a bizarre day for sanctions that saw President Trump seemingly take action related to North Korea via tweet - revoke recent measures? BIS Adds a "Military End User List" to the EAR Consisting of 102 Chinese and Russian Entities December 25, 2020 By Bart M. McMillan, Lise S. Test and Yu (Iris) Zhang 4 Mins Read. Yes, for details what sanctions apply, see above mentioned links or contact us. The current statutory maximum civil monetary penalty per violation of the International Emergency Economic Powers Act, under which the Venezuela sanctions fall, is the greater of $302,584, or twice the amount of the underlying transaction. and the U.S., other countries like Canada, Panama, Mexico, and Switzerland have issued sanctions against Venezuela. The new sanctions announced this week supplement and expand upon these existing measures. The U.S. Department of the Treasury has sanctioned a Moscow-based bank over its role in financing Venezuela's controversial petro token. For more information on the recent changes, contact a sectoral sanctions . Name 6: AMOROSO 1: ELVIS 2: EDUARDO 3: n/a 4: n/a 5: n/a. The new sanctions accomplish the following: 1) prohibit transactions involving new debt with a maturity of greater than 90 days of Petroleos de Venezuela, S.A. (PdVSA); 2) prohibit transactions involving new debt with a maturity of greater than 30 days of the Government of Venezuela; 3) prohibit transactions involving bonds issued by the . New U.S. Sanctions Targeting Venezuelan Government. The Treasury Department's Office of Foreign Assets Control (OFAC) announced Tuesday that it had sanctioned four tankers and their operating companies because they loaded . OFAC sectoral sanctions are a new category of sanctions. Consolidated Canadian Autonomous Sanctions List. August 17, 2006 - 71 FR 47554; February 7, 2007 - 72 FR 5614; FATF Warning List. Practical challenges make Venezuela transactions difficult, including for non-U.S. parties. Legal Framework for the Venezuela-related Sanctions. The E.O. OFAC added several parties to the SDN List and simultaneously issued a General License, authorizing certain wind- down activities until January 8, 2020. Key Points. The categories of Venezuela sanctions that were imposed in the executive order prohibit US persons from engaging in specific transactions. February 22, 2013 - Venezuela no longer subject to the FATF's on-going global AML/CFT compliance process. The U.S. Treasury said in a statement that it had put the former food minister, Rodolfo Marco, who is also a former finance minister appointed by President Nicolas Maduro, on its . Prior Executive Orders concerning the situation in Venezuela (such as Executive Order 13692 issued on March 8, 2015, or Executive Order 13850 issued on Nov. 1, 2018) delegated similar authority to the Treasury Secretary, but the activities that would subject a person to risk of secondary-sanctions designation under those orders were more . Some of these authorities are in the form of an executive order issued by the President. Venezuela Sanctions Summary. implement relevant provisions of the Venezuela Defense of Human Rights and Civil Society Act of 2014 signed into law on December 18, 2014, and also provide sanctions authority that goes beyond the requirements of the legislation. The first one is any new debt with a maturity of greater than 90 days of Petróleos de Venezuela S.A. (PdVSA), translated as Petroleum of Venezuela, which is the state-owned enterprise that essentially runs . ("SDN List") certain Venezuela-related entities, including, most notably, PdVSA and the Central Bank of Venezuela. OFAC added PdVSA pursuant to Executive Order 13850, issued on November 1, 2018. OFAC Re-Issues and Extends Several Venezuela-Related General Licenses October 30, 2019 By Nicholas F. Coward and Meghan Hamilton 3 Mins Read. Venezuela: Overview of U.S. Sanctions For over 15 years, the United States has imposed sanctions in response to activities of the Venezuelan government and Venezuelan individuals. ), requiring imposition of sanctions The escalating humanitarian crisis in Venezuela is being blamed by some on the economic sanctions put in place by former President Donald Trump against dictator Nicolas Maduro's regime.. Will it happen again in 2020, courtesy of Venezuela? The Venezuela sanctions regime. . -. These sanctions have targeted every present and future financial prospects of Venezuela. Yemen (YE) - restrictions on admission of certain persons E.O. The UK sanctions list. Washington (CNN) The United States on Monday sanctioned Venezuela's state-owned oil company, bringing to bear the most significant financial . Our previous blog posts about US sanctions targeting Venezuela are available here. On January 28, 2019, OFAC added the Venezuelan state-owned oil and natural gas company PdVSA to its SDN List. Take for example, Mr. Juan José Mendoza Jover, Second Vice President of the . de Venezuela, S.A. (PdVSA), Venezuela's state-owned oil and natural gas company, to the Specially Designated Nationals and Blocked Persons List (SDN List). The earliest sanctions imposed related to Venezuela's lack of cooperation on antidrug and counterterrorism efforts. US announces new sanctions against Venezuela 00:56. As a result, U.S. persons are generally prohibited from engaging in transactions with PdVSA and entities that are owned, 50 percent or more, directly or indirectly by PdVSA and must block property of these entities that are in their possession or control. Venezuela-Related Sanctions, Department of the Treasury Remarks and Releases 03/12/2020 The United States Increases Pressure on Illegitimate Former Maduro Regime with Designation of TNK Trading International S.A.; Secretary of State Michael R. Pompeo 03/12/2020 Treasury Targets Additional Russian Oil Brokerage Firm for Continued Support of Maduro Regime ; Washington, DC 02/18/2020 The United . However, the U.S. sanctions against PDVSA and Venezuela do not incorporate the list and it was believed that non-U.S. persons therefore remained free to transact business with PDVSA, though with some restrictions. Ever since then, newer sanctions, have been coming up for varying reasons. Key Points. Venezuela (European Union Financial Sanctions) Regulations 2017 (S.I. "PDVSA was put on the SDN list in 2019. Comprehensive Sanctions Against the Government of Venezuela On August 5, 2019, President Trump signed Executive Order 13884, " The targeted sanctions in this Executive Order (E.O.) Nicolás Maduro, right, and Maikel Moreno, the president of Venezuela's supreme court, are on the U.S. sanctions list. The inclusion of these names on this list is for . A sanctions licence is not required for exports of non-military goods covered by the Regulations from Northern Ireland to an EU Member State where the final destination is Venezuela. The sanctions are in response to the blocking of humanitarian aid convoys last week while the visa revocations on dozens of individuals are intended to punish people who have flourished amid the South American country's dire economic crisis, Elliott Abrams, the special representative for Venezuela, told reporters.
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