On January 28, 2019, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) added Petróleos de Venezuela, S.A., 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 (the “SDN List”).
Norton Rose Fulbright has prepared a Legal Update on this development and its implications for US and non-US entities.
A 2017 Norton Rose Fulbright briefing on previously imposed Venezuela sanctions can be accessed here.
Additional information on the OFAC Venezuela sanctions program can be accessed on the OFAC website here.
The Legal Update was written by:
Stephen M. McNabb, a partner in the Norton Rose Fulbright Washington, DC office
Kimberly Hope Caine, a senior counsel in the Norton Rose Fulbright Washington, DC office
Katie McDougall, Of Counsel in the Norton Rose Fulbright London office
Manny Levitt, an associate in the Norton Rose Fulbright Washington, DC office