On July 10, 2015, OFAC issued the Venezuela Sanctions Regulations, 31 CFR part 591 (the "Regulations") ( 80 FR 39676, July 10, 2015) to implement the Venezuela Defense of Human Rights and Civil Society Act of 2014 ( Pub. The illegitimate Maduro regime has continued to use Petroleos de Venezuela, S.A. (PdVSA) as its primary conduit for corruption . OFAC administers a number of different sanctions programs. : 202-622-4855. This executive order authorizes OFAC to include individuals and entities in its list of Specially Designated Nationals and Blocked . L. 113-278) and Executive Order 13692 of March 8, 2015 ("Blocking Property and Suspending Entry of Certain Persons . OFAC announces sanctions against Venezuela's state-owned energy company On January 25, 2019, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) announced sanctions against Venezuela's state-owned oil and energy company Petroleos de Venezuela, commonly referred to as PDVSA. On January 23, 2019, Juan Guaidó, the President of Venezuela's legislative body, the National Assembly, and . To the extent that OFAC exercises its authority under E.O. : 202-622-2420; Assistant Director for Sanctions Compliance & Evaluation, tel. OFAC listed Venezuelan state-owned enterprises such as petroleum giant Petroleos de Venezuela, S.A. ("PDVSA"), gold mining company CVG Compania General de Mineria de Venezuela CA ("Minerven") and . Author Nicholas F. Coward. May 9, 2021 By: Alejandro Leáñez, ACSS. The E.O. The U.S. Department of Treasury's Office of Foreign Assets Control (OFAC) has sanctioned CEIEC (China National Electronic Import-Export Company), a Chinese technology exporter, for its alleged support to the Maduro government in Venezuela. 13850 . OFAC Sanctions Venezuela State-owned Oil Giant PDVSA. In another release, the OFAC renewed Chevron's license to remain in Venezuela at least for another 90 days and until 22 nd April. The US Treasury's Office of Foreign Assets Control ('OFAC') announced on 7 February that it had 'identified the Venezuelan state-owned airline Consorcio Venezolano de Industrias Aeronauticas y Servicios Aereos, S.A. (CONVIASA) as subject to sanctions as part of the Government of Venezuela, pursuant to Executive Order (E.O.) The Obama Administration national emergency with respect to Venezuela' with Executive Order 13857. This Sanctions List Search application ("Sanctions List Search") is designed to facilitate the use of the Specially Designated Nationals and Blocked Persons list ("SDN List") and other sanctions lists administered by OFAC, including the Foreign Sanctions Evaders List, the Sectoral Sanctions Identifications List, the List of Foreign Financial Institutions Subject to Correspondent Account or . Notably, in July 2017, OFAC announced that it was . On January 28, 2019, the Department of the Treasury's Office of Foreign Assets Control (OFAC) added Petróleos de Venezuela, S.A. (PdVSA), Venezuela's state-owned oil company and a primary source of the country's income and foreign currency, to its list of Specially Designated Nationals and Blocked Persons (SDN List) pursuant to . The authorized transactions are necessary for the maintenance or the wind down of operations. 35) ("GL 35") to authorize certain administrative transactions with the Government of Venezuela ("GOV") prohibited by Executive Order ("EO") 13884 ("Blocking Property of the Government of Venezuela"); issued . (© 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. Washington - Today, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated the President of Venezuela, Nicolas Maduro Moros, pursuant to Executive Order (E.O.) The targeted sanctions in this Executive Order (E.O.) Sanctions have increased pressure on the Maduro government, including accelerating the decline in Venezuela's oil production. New U.S. Sanctions Targeting Venezuelan Government. GL-5E appear… Freehill Hogan & Mahar Washington - Today, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated three individuals and eight foreign entities, and identified two vessels as blocked property for their activities in or associated with a network attempting to evade United States sanctions on Venezuela's oil sector.As the illegitimate Maduro regime has done before, the regime . OFAC amended a general license authorizing certain transactions and activities involving Petróleos de Venezuela, S.A. otherwise authorised by OFAC, generally prohibited from engaging in transactions with PdVSA and its majority-owned subsidiaries. Effective July 20, 2021, this license replaces the . On February 2, 2021, the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC") issued General License 30A extending the authorizations in OFAC's regulations for certain transactions involving air and maritime transportation in Venezuela. Statements issued by the White House and State Department indicate that this escalation is meant to target the Maduro regime for its continued abuses of human rights . Venezuela Sanctions | New OFAC General Licenses. In keeping with OFAC's 50 Percent Rule, the sanctions against Bandes and the other banks extend to any entity in which one or more of them owns an interest of 50% or more. 13850 . The sanctions prohibit Americans from doing business with these persons and block their assets in U.S. soil. On January 28, 2019, the US Treasury Department's Office of Foreign Assets Control (OFAC) added Venezuela's state-owned oil company, Petróleos de Venezuela, S.A. (PdVSA), to its sanctions list and simultaneously issued general licenses temporarily allowing certain activities and transactions relating to PdVSA. 2. 13857 and incorporated into the Venezuela Sanctions Regulations, that are ordinarily incident and necessary to the wind down of transactions involving the blocked . Freehill Hogan & Mahar LLP Additional steps in the sanctions targeting Venezuela and Iran 8 June 2020. February 8, 2019. OFAC: Associate Director for Global Targeting, tel. Venezuela Sanctions Summary. The release of OFAC's Sanctions Compliance Guidance for the Virtual Currency Industry indicates an increasing expectation for diligence as it has now made clear on several occasions that sanctions compliance "obligations are the same" for virtual currency companies who must employ an unspecified "risk-based" program (See: OFAC Consolidated Frequently asked Questions 560). On Jan. 28, 2019, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") designated Petróleos de Venezuela S.A. ("PdVSA"), the state-owned oil company, as a specially designated national ("SDN"). 3H Authorizing Transactions Related to, Provision of Financing for, and Other Dealings in Certain Bonds (a) Except as provided in paragraphs (e) and (f) of this general license, all transactions Posted in Economic Sanctions, Venezuela Sanctions. . 12 previously issued Venezuela-related general licenses and issued 13 new general licenses, along with issuing new and revised guidance, to implement EO 13884. On Jan. 28, 2019, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") designated Petróleos de Venezuela S.A. ("PdVSA"), the state-owned oil company, as a specially designated national ("SDN"). issued by the Office of Foreign Assets Control ("OFAC") of the U.S. Treasury. President Donald Trump has issued an Executive Order expanding the current sanctions relating to Venezuela by blocking all property and interests in property of the government of Venezuela and the Nicolás Maduro regime. February 8, 2019. Since that initial designation, the U.S. Treasury Department, Office of Foreign Assets Control (OFAC), which administers most U.S. sanctions, has consistently ratcheted up pressure on Venezuela - particularly the government of Venezuela - through the imposition of additional sanctions. 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. OFAC adds PdVSA to its sanctions list and simultaneously issues general licenses temporarily allowing certain transactions and activities involving PdVSA. End Further Info End Preamble Start Supplemental Information. In connection with this step, OFAC issued 12 amended and 13 new general licenses and published interpretive guidance pertaining to the provision of humanitarian assistance and support for the Venezuelan people. The Office of Foreign Assets Control ("OFAC") has dusted off Executive Order 13692 issued on March 8, 2015, by former President Barack Obama to impose additional sanctions on Maduro's regime in Venezuela. They believe that BANDES was involved in arresting Roberto Marrero and other political prisoners. Sanctions List Search has a slider-bar that may be used to set a threshold (i . Alex Nain Saab Moran led a network of corrupt businesspersons to bribe Nicholas Maduro's regime and profit . Categorizing New Sanctions. provides authority to target persons involved in or . This Sanctions List Search application ("Sanctions List Search") is designed to facilitate the use of the Specially Designated Nationals and Blocked Persons list ("SDN List") and other sanctions lists administered by OFAC, including the Foreign Sanctions Evaders List, the Sectoral Sanctions Identifications List, the List of Foreign Financial Institutions Subject to Correspondent Account or . OFAC's actions underscore the increasing risk of secondary sanctions that non-U.S. corporations face by conducting business in Venezuela. On August 5, 2019, President Trump issued Executive Order 13884 ("Venezuela EO") blocking all property of the Government of Venezuela ("GOV"), a significant escalation of sanctions against the regime of President Maduro. Venezuela-Related Sanctions: 11/24/2021 13850. In July, 2019, the Office of Foreign Asset Control (OFAC) designated various persons and entities involved in theft and corruption in relation to Venezuela's CLAP or food distribution program. On January 28th, OFAC designated Petroleos de Venezuela S.A., which is Venezuela's national oil and natural gas company. I. PdVSA designated for sanctions under E.O. Sanctions. July 20, 2021: The Department of the Treasury's Office of Foreign Assets Control (OFAC) issued Venezuela-related General License 5G, "Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After October 21, 2021.". Persons in Administrative or Civil . Included within these developments is a broad . The Escalating Sanctions Against Venezuela, Russia and Iran. Importantly, treatment of pre-sanctions Concurrent with this action, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) issued various . On August 25, 2017, President Trump issued an Executive Order (EO) imposing economic sanctions related to Venezuela. Nevertheless, Maduro remains in power a year and a half since the United States ceased to recognize his presidency. OFAC sanctions 2 involved in Citgo 6 sentencing By eric9to5 on December 30, 2020 • ( Leave a comment). During the crisis in Venezuela, governments of the United States, the European Union, Canada, Mexico, Panama and Switzerland applied individual sanctions against people associated with the administration of Nicolás Maduro.The sanctions were in response to repression during the 2014 Venezuelan protests and the 2017 Venezuelan protests, and activities during the 2017 Venezuelan Constituent . OFAC authorizes payments to Venezuela's maritime authority after recent SDN listing 3 February 2021. OFAC Sanctions Petroleos de Venezuela, S.A. (PdVSA) In light of the political crisis in Venezuela and the U.S. government's support for the self-declared Interim President, Juan Guadió, on January 28, 2019, the Office of Foreign Assets Control (OFAC) added Petróleos de Venezuela, S.A. (PdVSA), Venezuela's state-owned oil and gas company .
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