U.S. Sanctions Against Venezuela Escalate: PdVSA Now Subject to Blocking Sanctions
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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.