May 10, 2019

Venezuela sanctions to focus on defense and security sectors

The US Secretary of the Treasury has determined that companies operating in the Venezuelan security and defense sectors may be sanctioned, pursuant to Executive Order 13850, as amended.  In a press statement announcing the new determination, the Secretary warned that the US would take further action if Cuba and Venezuela continue the exchange of oil and military support.

The Office of Foreign Assets Control of the US Department of the Treasury also announced the designation of two companies operating in the oil sector of the Venezuelan economy, while noting that the designations are a direct response to the arrest by the Servicio Bolivariano de Inteligencia Nacional (the Bolivarian National Intelligence Service, or “SEBIN”) of Venezuelan national assembly members.   The new designations target the Monsoon Navigation Corporation, a Marshall Islands-registered company that owns the crude oil tanker Ocean Elegance; and Serenity Maritime Limited, a Liberian company that owns the vessel Leon Dias

As a result of the designations, US property interests owned 50% or more by the designated entities are blocked. 

Dept. of the Treasury press statement