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ARTICLE · 05 FEBRUARY 2021

OFAC Authorizes Payments To Venezuela's Maritime Authority After Recent SDN Listing

Holland & Knight
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The U.S. Department of the Treasury Office of Foreign Assets Control (OFAC) might have left many vessel operators wondering how to avoid an economic sanctions ...

GlobalInternational Law
Antonia Tzinova
Antonia Tzinova
J. Michael Cavanaugh
J. Michael Cavanaugh
Marina Veljanovska O'Brien
Marina Veljanovska O'Brien
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The U.S. Department of the Treasury Office of Foreign Assets Control (OFAC) might have left many vessel operators wondering how to avoid an economic sanctions violation when OFAC added Venezuela's maritime authority, Instituto Nacional de los Espacios Acuáticos (INEA), to the Specially Designated Nationals and Blocked Persons (SDN) List on Jan. 19, 2021, under Executive Order (EO) 13850. While the designation appeared to be addressing U.S. concerns of corruption in Venezuela's gold, oil and finance industries, as well as other sectors of its economy, it had a direct effect on any vessel calling on a Venezuelan port, as INEA is the national government body administering port fees and other port activities.

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