Wednesday, 14 August 2019 20:25

US widens sanctions against Venezuelan government

The government of US President Donald Trump issued an executive order on August 5 blocking all property or interest in property of the government of Venezuela within or transiting US jurisdiction, widening the previously imposed sanctions to step up pressure on the government of President Nicolás Maduro. 

Venezuela flagThe sanctions refer to the state and government of Venezuela, any political subdivision, agency, or instrumentality thereof, including the Central Bank of Venezuela and state oil company Petróleos de Venezuela (PDVSA), as well as any person owned or controlled by the aforementioned, and any person who has acted or purported to act for or on behalf of the abovementioned.

While this is not the first time that the US government imposes economic sanctions on the Venezuelan government, previous sanctions restricted operations involving certain debt or assets of the government, or individuals and entities listed on the Specially Designated Nationals and Blocked Persons (SDN) list. 

Under the extended sanctions, if not authorised by the US Office of Foreign Assets Control (OFAC), US citizens are prohibited from engaging in all transactions with persons meeting the definition of the government of Venezuela or entities in which they have, directly or indirectly, a 50 per cent or greater ownership interest, regardless of whether that citizen appears on the SDN list.

"In reality, this latest measure is more limited in scope, consisting of a set of sanctions against the government of Venezuela, and not the country of Venezuela as a whole," according to law firm Gibson Dunn. 

"In terms of its direct impact, the executive order’s reach is also blunted somewhat by the fact that Venezuela’s most economically significant actor, PDVSA, was already sanctioned earlier this year, as were Venezuela’s central bank and several of the country’s larger state-affiliated financial institutions. What this latest measure does is fill in the gaps to cover all remaining elements of the government of Venezuela," the law firm said.

However, OFAC’s new regulations authorise US citizens to continue to provide humanitarian support to the Venezuelan people, including transactions through the US financial system for certain authorised activities related to food, agricultural commodities, medicine, and medical devices, non-commercial, personal remittances, international organisations, telecommunications and mail, as well as the Internet, medical services, and non-governmental organisations. 

OFAC’s new regulations also authorise transactions with Juan Guaidó, the National Assembly, and individuals appointed or designated by Guaidó.

banner gold awards2019

banner latam awards2019

The Latin American Lawyer
N.8 • July 15, 2019

LAL8 20190715 EN

Iberian Lawyer
N.86 • July 02, 2019

IL86 Cover SP IL86 Cover EN
Mon Tue Wed Thu Fri Sat Sun

This website uses cookies

We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on the IberianLawyer website. However, you can change your cookie settings at any time. Learn more

I agree

What do I need to know about cookies?

A cookie is a small text file that’s stored on your computer or mobile device when you visit a website. We use them to:

  • Remember your preferences
  • Tailor our sites to your interests.

There are different types of cookies

First party cookies

These are set by the website you’re visiting. And only that website can read them.  In addition, a website might use a separate company to analyse how people are using their site. And this separate company will set their own cookie to do this.

Third party cookies

These are set by someone other than the owner of the website you’re visiting. 

Some IberianLawyer web pages may also contain content from other sites like Vimeo or Flickr, which may set their own cookies. Also, if you Share a link to a IberianLawyer page, the service you share it on (e.g. Facebook) may set a cookie on your browser.

The IberianLawyer has no control over third party cookies.

Advertising cookies

Some websites use advertising networks to show you specially targeted adverts when you visit. These networks may also be able to track your browsing across different sites.

IberianLawyer site do use advertising cookies but they won’t track your browsing outside the IberianLawyer.

Session cookies

These are stored while you’re browsing. They get deleted from your device when you close your browser e.g. Internet Explorer or Safari.

Persistent cookies

These are saved on your computer. So they don’t get deleted when you close your browser.

We use persistent cookies when we need to know who you are for more than one browsing session. For example, we use them to remember your preferences for the next time you visit.

Other tracking technologies

Some sites use things like web beacons, clear GIFs, page tags and web bugs to understand how people are using them and target advertising at people.

They usually take the form of a small, transparent image, which is embedded in a web page or email. They work with cookies and capture data like your IP address, when you viewed the page or email, what device you were using and where you were.

How does the Iberian Lawyer use cookies?

We use different types of cookies for different things, such as:

  • Analysing how you use the IberianLawyer
  • Giving you a better, more personalised experience
  • Recognising when you’ve signed in

Strictly Necessary cookies

These cookies let you use all the different parts of Iberian Lawyer. Without them services that you have asked for cannot be provided.

Some examples of how we use these cookies are:

  • Signing into the IberianLawyer
  • Remembering previous actions such as text entered into a registration form when navigating back to a page in the same session
  • Remembering security settings which restrict access to certain content.

Performance cookies

These help us understand how people are using the IberianLawyer online, so we can make it better. And they let us try out different ideas.
We sometimes get other companies to analyse how people are using the IberianLawyer online. These companies may set their own performance cookies You can opt out of these cookies here.Some examples of how we use these cookies are:

  • To collect information about which web pages visitors go to most often so we can improve the online experience
  • Error management to make sure that the website is working properly
  • Testing designs to help improve the look and feel of the website.
Cookie nameWhat it's for
Google DoubleClick The IberianLawyer uses Google DoubleClick to measure the effectiveness of its online marketing campaigns.Opt-out of DoubleClick cookies
Google Analytics From time to time some IberianLawyer online services, including mobile apps, use Google Analytics. This is a web analytics service provided by Google, Inc. Google Analytics sets a cookie in order to evaluate use of those services and compile a report for us.Opt-out of Google Analytics cookies