US imposes new sanctions on Venezuela’s government

The US has imposed wide-ranging new financial sanctions on President Maduro’s administration in Venezuela. The US accuses Maduro’s government of depriving Venezuelans of food and medicine, imprisoning the democratically-elected opposition, and violently suppressing freedom of speech. Most recently, President Maduro created a rival legislature and transferred to it the powers of the democratically elected National Assembly (see previous blog).

The new sanctions prohibit dealings in new debt and equity issued by the government of Venezuela and its state oil company.  They also prohibit dealings in certain existing bonds owned by the Venezuelan public sector ad dividend payments to the government of Venezuela.  To mitigate harm to the American and Venezuelan people, the US Treasury has issued several general licences, including for financing most commercial trade, 30-day wind-down periods, and the financing of humanitarian goods.

The White House’s press release is here, and the relevant executive order and general licences are here.

This entry was posted in Latest EU Measures, USA, Venezuela by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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