OFAC designated four entities and identified four ships controlled by those entities as "blocked property." The ships were engaged in transporting oil and other petroleum products from Venezuela to Cuba.
Treasury Secretary Steven T. Mnuchin stated that the designations were part of continuing U.S. actions against the "illegitimate Maduro regime and the malign foreign actors who support it." The U.S. actions targeted Venezuela's oil sector and "Cuban benefactors [that] provide a lifeline to the Maduro regime and enable its repressive security and intelligence apparatus."
OFAC restated that "all property and interests in property of these entities, and of any entities that are owned, directly or indirectly, 50 percent or more by the designated entities, that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. OFAC's regulations generally prohibit all transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of blocked or designated persons."
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.