U.S increase sanctions against Venezuela
On 5th August 2019 President Trump issued Executive Order 13884. The Order targets the government of Venezuela and blocks all its assets and property in the U.S. The Order also prohibits the Venezuelan government to use the US financial system. The Venezuelan government is defined as follows:
The state and Government of Venezuela, any political subdivision, agency, or instrumentality thereof, including the Central Bank of Venezuela and Petroleos de Venezuela, S.A. 509645.1 (PdVSA), any person owned or controlled, directly or indirectly, by the foregoing, and any person who is acted or purported to act directly or indirectly for or on behalf of, any of the foregoing, including as a member of the Maduro regime.
Notably, US persons are specifically not prohibited to engage is transactions involving the country or people of Venezuela.
The Order further prohibits non-US persons to provide material assistance to or goods or services in support of the government of Venezuela, its agencies or any entity in which it holds a 50% or greater interest.
The full text of Executive Order 13884 can be found here [https://www.freehill.com/wp-content/uploads/2019/08/Executive-Order-13884.pdf].
As a result of the Venezuelan sanctions members trading to Venezuela are recommended to exercise great caution. In particular, members are strongly advised against having any involvement in the Venezuelan oil sector. For further information see the Club’s previous Members Alert and sanctions information at https://www.swedishclub.com/loss-prevention/legal/sanctions/.
Member Alert is published by The Swedish Club as a service to members. While the information is believed correct, the Club cannot assume responsibility for completeness or accuracy.
