VENEZUELA: US SANCTIONS UPDATE
August 15, 2019
On 5 August President Trump issued Executive Order (EO) 13884 which blocked the assets of the Government of Venezuela in the United States or in the possession and control of any United States person. In addition, United States persons are essentially prohibited from engaging in any transactions with the Government of Venezuela, its agencies, or any entity that government owns or controls. Finally, non-US persons may have their assets in the United States blocked if they are determined to have materially assisted or supplied goods or services in support of the Government of Venezuela.
We are grateful to Freehill, Hogan & Mahar LLP for their Client Alert which sets out the issues involved, including how any dealings with the Venezuelan state oil company (PdVSA) will be treated under the EO. Members are advised to read the full text of the Client Alert, which also links to the full text of the EO.