Background

The Office of Foreign Assets Control has designated four entities that operate in the oil sector of the Venezuelan economy pursuant to Executive Order 13850. Additionally, OFAC has identified four vessels that transport oil and other petroleum products from Venezuela to Cuba as blocked property owned or controlled by the four designated entities.

Sanctioned entities will be denied access to the U.S. financial system and a freeze will be placed on these entities’ U.S. assets. The departments of Treasury and State indicate that this action further targets Venezuela’s oil sector and the mechanisms used to transport oil from Venezuela to Cuba.

For more information, please contact export compliance attorney Kristine Pirnia.

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