OFAC Escalates Venezuela Sanctions

By Ama Adams, Brendan Hanifin and Emerson Siegle (January 31, 2019, 3:21 PM EST) -- On Jan. 28, 2019, the U.S. Department of the Treasury's Office of Foreign Assets Control added Petróleos de Venezuela SA, Venezuela's state-owned oil and gas company, to its List of Specially Designated Nationals and Blocked Persons, known as the SDN list. OFAC's action represents a significant escalation of U.S. sanctions targeting Venezuela.

Despite OFAC's effort to mitigate the collateral consequences of this action on U.S. business interests, Monday's designation of PDVSA will have immediate implications for investors and businesses who deal in the Venezuelan oil and gas industry, and may presage additional sanctions activity in the short term.

Trump Administration Sanctions...

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