On December 14, 2017, Cleary Gottlieb partner Paul Marquardt led a presentation titled, “Developments in U.S. Sanctions Against Iran, Russia, and Venezuela” as part of PLI’s Coping With U.S. Export Controls and Sanctions 2017 conference.

To view the full presentation, click here.

For additional information regarding the conference, please visit the event’s website.

On August 25, 2017, President Trump issued an Executive Order severely restricting transactions in debt and equity of the Government of Venezuela and of state-owned entities; including Petroleos de Venezuela; S.A. (PdVSA). Simultaneously with the Executive Order; OFAC issued a number of general licenses and Frequently Asked Questions relating to the new sanctions. These new

On July 31, OFAC designated Venezuelan President Nicolas Maduro Moros as a “Specially Designated National” (“SDN”) blocking all of his assets and prohibiting any transaction in which he has an interest within U.S. jurisdiction. Last week, on July 26, OFAC designated 13 other current and former Venezuelan officials as SDNs, including Rocco Albisinni Serrano, who is the President of CENCOEX (the Venezuelan foreign exchange authority), and Simon Alejandro Zerpa Delgado, who is the Vice President of Finance for PDVSA and the President of Venezuela’s Economic and Social Development Bank (“BANDES”), and the President of Venezuela’s National Development Fund (“FONDEN”). There have been rumors that the United States was considering restricting oil sales from Venezuela, but at the moment no such sanctions have been imposed.
Continue Reading