U.S. increases sanctions against Venezuela
By virtue of Executive Order 13884 (“the EO”) issued by President Trump on 5 August 2019, the United States has significantly increased the impact of its sanctions regime against Venezuela.
Client Alert on Venezuela - Executive Order 5.08.19 PDF (696.3 KB)
Also, non-U.S. persons may be sanctioned and have their property in the United States blocked if they provide “material assistance to, or goods or services in support of, the Government of Venezuela, its agencies and any entity in which it holds a 50% or greater interest.” Again, it is worth reiterating that this includes PdVSA.
Members considering trades involving the Government of Venezuela, its agencies and any entity in which it holds a 50% or greater interest including PdVSA are therefore strongly advised to read the Client Alert as well as all the materials on our Venezuelan sanctions webpage and to carefully assess the potential risks. Becoming designated and placed on the SDN list would have grave consequences for the future trading and sale of any vessel and for the continued operation of insurance cover.
As always, Members with specific questions concerning these measures and any other sanctions matters should contact the Managers.