Venezuela

Information as of: 10th October 2017

Latest Updates

 UN
 US 25 Aug 2017, EO 13808 imposes additional sanctions that prohibit dealings in new debt and equity issued by the Venezuelan Government and its state oil company, certain existing bonds and dividend payments to, and the purchase of securities from, the Venezuelan Government. Several general licences issued, including for financing most commercial trade, 30-day wind-down periods, and the financing of humanitarian goods.
 EU/UK

 

                                                                                                                                                                                                             

Financial/Other Sanctions

UN No
US Venezuela Defence of Human Rights and Civil Society Act of 2014 & EO13692
EU/UK No

 

                                                                                                                                                                                                             

Arms Embargo

UN No
US Yes
EU/UK No

 

                                                                                                                                                                                                             

Further Details

UN No
US Effective from 18 Dec 2014, allows imposition of asset freezes and visa bans on any person who perpetrated or was responsible for: acts of violence or serious human rights abuses against persons associated with anti-government protests, arrest or prosecution of persons exercising legitimate exercise of freedom of expression or assembly or knowingly assisted or provided significant financial, material or technological support for the commission of such acts. Regulations issued in Aug 2015 to implement the Venezuela Defence of Human Rights and Civil Society Act of 2014 and Executive Order 13692 of 8 Mar 2015. Effective 13 Feb 2017 Executive Vice-President of Venezuela designated under Kingpin Act in addition to his associated companies. 25 Aug 2017, EO 13808 imposes additional sanctions that prohibit dealings in new debt and equity issued by the Venezuelan Government and its state oil company, certain existing bonds and dividend payments to, and the purchase of securities from, the Venezuelan Government. Several general licences issued, including for financing most commercial trade, 30-day wind-down periods, and the financing of humanitarian goods.
EU/UK No

 

This information has been collated by the International Underwriting Association of London and is intended as a guide only. The IUA does not accept any liability for the accuracy of this information.
This publication is intended to convey only general information about sanctions legislation and associated insurance coverage. It is not, and is not intended to be, a complete statement of the law relating to this area. It should not be relied on or be used as a substitute for legal advice in relation to any particular set of circumstances. Accordingly, IUA does not accept any liability for any loss which may arise from reliance on this information.