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U.S. Sanctions Against Venezuela Escalate: PdVSA Now Subject to Blocking Sanctions
30 January 2019
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On January 28, the U.S. government blocked the property of PdVSA, Venezuela’s state-owned oil company.
This is the latest in a series of escalating U.S. sanctions against Venezuela and is meant to cut off a major source of funds to the Maduro government.
As a result, U.S. persons — including U.S. financial institutions–generally may not deal with PdVSA or its subsidiaries.
Limited exceptions exist for dealings with certain PdVSA subsidiaries, including CITGO, and for winding down existing relationships with PdVSA and its subsidiaries.
Satish M. Kini
David G. Sewell
Zila Reyes Acosta-Grimes
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