On August 24, 2017, President Trump issued a new Executive Order targeting the current Venezuela regime. The next day, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced the implementation of broad new "sectoral" sanctions applicable to the Government of Venezuela and Venezuelan state-owned entities, including state-owned oil producer Petroleos de Venezuela, S.A. (PdVSA). While the new Venezuelan sanctions fall well short of an embargo, and are patterned after the limited sectoral sanctions applicable to certain Russian entities, these developments represent a major change in US policy towards Venezuela and are likely to impact a broad range of international companies dealing in debt or other securities of Venezuelan state entities. Please click here for further details.
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