Saab was on a diplomatic mission to Iran in June 2020, where he was tasked with securing deals for food, medicine and […] The "political crisis" is the U.S. regime-change program designed to subjugate Venezuela. Washington — Nearly six weeks after imposing sweeping sanctions on PDVSA, Venezuela's state-owned oil company, and apparently no closer to removing President Nicolas Maduro from office, the Trump administration is considering additional actions, including secondary sanctions that could impact nearly all crude and refined product flows in and out of the South American nation, sources said. In Secondary Economic Sanctions: Effective Policy or Risky Business, author John Forrer, senior fellow at the Atlantic Council's Global Business & Economics Program, explains that one specific strategy . EO í ï88 ð broadly defines the "government of Venezuela" to include: Circular issued by International Group clubs. PV evidently stopped paying, on the basis of secondary sanctions risk, after PM was SDN-designated in Jan. Teheran and Caracas have brought their positions closer together to face the unilateral and illegal sanctions from Washington that affect their peoples, particularly when seeking to overcome the new coronavirus pandemic. Iran's Foreign Minister Starts Latin American Tour in Venezuela. Currently, US persons are generally banned from all transactions with the Government of Venezuela, PdVSA and their subsidiaries, and non-US persons who deal with the Government of Venezuela or PdVSA, or otherwise operate in the Venezuelan oil, gold, financial or defense and security sectors run the risk of being targeted by secondary sanctions. persons whose property is blocked pursuant to theExecutive Order. Designations apply to persons trading in oil and oil products, financial services, and exported labour, as well as for facilitating weapons of mass destruction programs. New Venezuela Sanctions Under EO 13884 New U.S. Sanctions Targeting Venezuelan Government. Venezuela has agreed to a key contract to swap its heavy oil for Iranian condensate that it can use to improve the quality of its tar-like crude, with the first cargoes due this week, five people close to the deal said. 1 For additional context on the U.S. sanctions imposed on Venezuela, please see our prior client alerts, which cover the designation of Petroleós de Venezuela (PdVSA) (), amendments to certain general licenses with respect to PdVSA (), as well as the designation of certain Venezuelan financial institutions ().. 2 Press Statement, The United States Imposes Maximum Pressure on Former Maduro . The Venezuela-related Sanctions program represents the implementation of multiple legal authorities. By far, OFAC made secondary sanctions designations pursuant to the Iran program most frequently. Finally, OFAC appeared to designate secondary sanctions pursuant to the Venezuela program least frequently. In other words, the law's restrictions target all economic sanctions imposed by one state (or other non-UN body) against another. Designations apply to persons trading in oil and oil products, financial services, and exported labor, as well as for facilitating weapons of President Trump's Executive Order No. Venezuela has been under crushing U.S. sanctions since 2017 when Washington targeted state oil company PDVSA. U.S. sanctions programs not only forbid Americans from doing business with the oil sectors of Iran and Venezuela, but also threaten to impose "secondary sanctions" against any non-U.S. person . US sanctions programs not only forbid Americans from doing business with the oil sectors of Iran and Venezuela, but also threaten to impose "secondary sanctions" against any non-US person or . In particular, while this statement does not specifically target financial transactions involving oil exports from Venezuela, it is expected that this will have . Venezuela has agreed to a key contract to swap its heavy oil for Iranian condensate that it can use . Other authorities are public laws (statutes) passed by The Congress. Regarding both Venezuela and Iran, the administration is signaling that it is willing to resort to secondary sanctions to try to drive change in line with U.S. policy. 117-118 - national defense authorization act for fiscal year 2022 117th congress (2021-2022) Trump administration officials are still considering secondary sanctions to push the Maduro regime out of power in Venezuela, though analysts said that there may be little reason to impose them. They also threaten to impose "secondary sanctions" against any non-U.S. person or institution that carries out transactions with either countries' oil company. Some of these authorities are in the form of an executive order issued by the President. Sanctions have increased pressure on the Maduro government, including accelerating the decline in Venezuela's oil production. As the South American country seeks to boost its flagging oil exports in the face of U.S. sanctions, according to the sources, the deal between state-run firms Petroleos de . The U.S. sanctions not only forbid U.S. Americans from doing business with the oil sectors of Iran and Venezuela. Venezuela has agreed to a key contract to swap its heavy oil for Iranian condensate that it can use to improve the quality of its tar-like crude, with the first cargoes due this week, five people close to the deal said. While the Obama administration largely adopted a "behind-the-scenes" diplomatic approach to mitigate rising political tension with Caracas amid counternarcotics-related sanctions, the Trump administration publicly exposed links between Venezuelan government officials and drug . US sanctions programmes not only forbid Americans from doing business with the oil sectors of Iran and Venezuela, but also threaten to impose "secondary sanctions" against any non-US person or . North Korea, Syria, Venezuela: Secondary Sanctions About 20 Russia-related persons are subject to U.S. sanctions for evading U.N. sanctions restricting trade and financial transactions with North Korea. A White House official quoted by Reuters said the companies should "tread cautiously" in their dealings with Venezuela. The US is considering introducing secondary sanctions for companies outside the USA that conduct business with Venezuelan companies, including PdVSA, the Venezuelan state-owned oil company, according to John Bolton, the Trump administration's National Security Adviser, in a recent interview. Between 2019-2020, the U.S. Treasury Department imposed an oil embargo , a blanket ban on all dealings with Caracas, and shut down fuel and diluent imports and swap deals . Following Maduro's rise to power in 2013, U.S. sanctions strategy toward Venezuela evolved to address the ongoing deterioration of democracy and human rights in the country. US sanctions programmes not only forbid Americans from doing business with the oil sectors of Iran and Venezuela, but also threaten to impose "secondary sanctions" against any non-US person or . The first use of secondary sanctions on entities not already designated under primary sanctions authorities occurred in 2011 on seven companies, including Venezuela's Petróleos de Venezuela, S.A. (PdVSA), for prohibited activities within Iran's energy sector. Second, OFAC also designated individuals and entities pursuant to the Russia/ Ukraine program fairly frequently. Among those evasion tactics was the use of Mexico-based companies in order to trade oil shipments for the specific purpose of . As for Russia, the recent CBW Act sanctions mark a continued deterioration in U.S.-Russia relations, although the issuance of waivers may prompt a more robust response from Congress. U.S. May 9, 2021 By: Alejandro Leáñez, ACSS. Between 2019-2020, the US Treasury Department imposed an oil embargo , a blanket ban on all dealings with Caracas, and shut down fuel and diluent imports and swap deals .
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