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ARTICLE · 10 APRIL 2019

Recent U.S. Sanctions Designations Create Additional Risks For Companies Doing Business With Venezuela

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In recent days, the United States government ratcheted up sanctions against Venezuela in an effort to apply increasing pressure on the Maduro regime.

United StatesInternational Law
Nnedinma Ifudu Nweke
Nnedinma Ifudu Nweke
Wynn Segall
Wynn Segall
Melissa Schwartz
Melissa Schwartz
Jonathan Poling
Jonathan Poling
Christian Davis
Christian Davis
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Key Points:

  • OFAC recently added a Moscow-based Russian-Venezuelan joint venture bank, Evrofinance Mosnarbank ("Evrofinance"), to the List of Specially Designated Nationals and Blocked Persons (the "SDN List") for engaging in sanctions circumvention activities and providing support to the Venezuelan state-owned oil company, Petróleos de Venezuela S.A. ("PdVSA"), which was designated as an SDN on January 28, 2019.
  • Additionally, OFAC recently added CVG Compania General de Mineria de Venezuela CA ("Minerven"), the Venezuelan state-run metals mining company; Banco de Desarrollo Económico y Social de Venezuela ("BANDES"), Venezuela's national development bank; and certain other financial institutions owned or controlled by BANDES to the SDN List.

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