Clifford Chance

United States Imposes Sanctions on Venezuela State-Owned Oil Firm PdVSA

30 January 2019

On January 28th, 2019 the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC") designated Venezuela's state-owned oil and gas conglomerate, Petróleos de Venezuela, S.A. ("PdVSA") as a Specially Designated National ("SDN") under Executive Order ("EO") 13850, "Blocking Property of Additional Persons Contributing to the Situation in Venezuela." As an SDN, all property and interests in property of PdVSA subject to U.S. jurisdiction are blocked. In addition, unless licensed by OFAC, the blocking sanctions prohibit the involvement of U.S. persons or the U.S. financial system in any transactions or dealings involving PDVSA, its majority-owned subsidiaries, or their property interests.

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