Venezuela

Information as of: 18th June 2018

British Overseas Territories: Anguilla; British Antarctic Territory; British Indian Ocean Territory; Cayman Islands; Falkland Islands; Montserrat; Pitcairn, Henderson, Ducie and Oeno Islands; St Helena, Ascension and Tristan da Cunha; South Georgia and the South Sandwich Islands; the Sovereign Base Areas of Akrotiri and Dhekelia in the Island of Cyprus; Turks and Caicos Islands; and Virgin Islands.

Latest Updates

 UN
 US EO 13827 on 19 Mar 2018 prohibits US persons from transacting/dealing with any digital currency, digital coin, or digital token, that was issued by, for, or on behalf of the Government of Venezuela on or after 9 January 2018. EO 13835 issued 21 May 2018 prohibits the purchase of any debt owed to the Venezuelan government; any debt owed to the Venezuelan government that is pledged as collateral after 21 May 2018; and the sale, transfer, assignment, or pledging as collateral by the Venezuelan government of any equity interest in any entity in which the Venezuelan government has a 50% or greater ownership interest.
 EU/UK UK SI 2017/1094 on 6 Dec 2017 and SI 2018/108 on 26 Feb 2018 implements EU sanctions. UK SI 2018/179 gives effect to the sanctions in Overseas Territories 8 Mar 2018.

 

                                                                                                                                                                                                             

Financial/Other Sanctions

UN No
US Venezuela Defence of Human Rights and Civil Society Act of 2014 & EO13692
EU/UK (CFSP) 2017/2074

 

                                                                                                                                                                                                             

Arms Embargo

UN No
US Yes
EU/UK (CFSP) 2017/2074

 

                                                                                                                                                                                                             

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. EO 13827 on 19 Mar 2018 prohibits US persons from transacting/dealing with any digital currency, digital coin, or digital token, that was issued by, for, or on behalf of the Government of Venezuela on or after 9 January 2018. EO 13835 issued 21 May 2018 prohibits the purchase of any debt owed to the Venezuelan government; any debt owed to the Venezuelan government that is pledged as collateral after 21 May 2018; and the sale, transfer, assignment, or pledging as collateral by the Venezuelan government of any equity interest in any entity in which the Venezuelan government has a 50% or greater ownership interest.
EU/UK (CFSP) 2017/2074 introduces arms embargo, including the provision of financing or financial assistance related to military activities or equipment which might be used for internal repression, including in particular grants, loans and export credit insurance, as well as insurance and reinsurance, for any sale, supply, transfer or export of arms and related materiel or for the provision of related technical assistance, brokering services and other services directly or indirectly to any person, entity or body in, or for use in, Venezuela. This applies to contracts concluded after 13 Nov 2017. Also introduces a freezing of funds and economic resources for designated entites as listed in SDN list (updated periodically). UK SI 2017/1094 and SI 2018/108 implements EU sanctions.

 

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.