US considers Venezuela secondary sanctions
Previously, we have informed of developments to the US primary sanctions on Venezuela. This week, the US indicated that also secondary sanctions might be on their way.
President Trump's national security adviser John Bolton stated to Reuters that the US is considering to introduce secondary sanctions on foreign companies outside the USA that conduct business with certain Venezuelan companies. Foreign companies would then be at risk of falling afoul to US sanctions should they conduct business with, inter alia, the Venezuelan state-owned oil company PdVSA.
The aim of introducing such secondary sanctions would be to cut off revenues to Venezuelan President Nicholas Maduro, as the US views PdVSA as a vehicle for corruption, embezzlement, and money laundering by Maduro.
See our previous WR Sanctions Alerts on Venezuela of 15 March 2019 and 12 March 2019.
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WR Sanctions Alerts provide you with updates on material developments in the country-specific sanctions programs implemented by the US, the UN, the UK, the EU and Norway. We will not provide updates on mere prolongations, without material changes, of existing sanctions programs, nor on any listings or de-listings of individuals/entities placed on implemented sanctions lists . Please note that the WR Sanctions Alerts are provided as general information and do not constitute legal advice.