ARTICLE · 05 JUNE 2019

Breaking Down Canada's Enhanced Sanctions On Venezuela

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Canada's recently expanded sanctions against Venezuela, announced in April, could result in risk for Canadian firms doing business in the country.

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Canada's recently expanded sanctions against Venezuela, announced in April, could result in risk for Canadian firms doing business in the country.

The sanctions, made under the Special Economic Measures Act, now target a total of 113 individuals, many of whom are high level officials connected to the government of Venezuelan President Nicolas Maduro.

They prohibit any Canadian from:

Selling or buying property that is owned, held or controlled by persons on the sanctions list or a person acting on behalf of a listed person;
Entering into any business transaction that is related to a person on the sanctions list or prohibited by the Regulations of the Special Economic Measures Act;

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