OFAC designated four companies that operate in the Venezuelan oil sector and identified nine vessels as blocked property owned by the companies.
OFAC's action further targets the Venezuelan oil sector, which OFAC stated continues to "provide a lifeline to the illegitimate regime of former President Maduro." U.S. Treasury Secretary Steven Mnuchin added:
"We continue to target companies that transport Venezuelan oil to Cuba, as they are profiting while the Maduro regime pillages natural resources. Venezuela's oil belongs to the Venezuelan people, and should not be used as a bargaining tool to prop up dictators and prolong oppression."
As a result of this action, all property and interests of the companies, and of any entities that are 50 percent or more owned by them, are blocked to the extent such property is in the United States or in the possession or control of a U.S. person. In addition, OFAC rules generally forbid all dealings by U.S. persons or within the United States that involve any property or interests in property of blocked or designated individuals and entities.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.