August 5, 2019

New Executive order blocks property of Venezuelan government

On August 5, 2019, the president issued a new executive order pursuant to the International Emergency Economic Powers Act, 50 USC § 1701 et seq. (IEEPA), the National Emergencies Act, 50 USC §1601 et seq., section 212(f) of the Immigration and Nationality Act of 1952, 8 USC 1182(f), and section 301 of Title 3 of the United States Code, blocking  all US property of the government of Venezuela, and all US property belonging to people who provide financial, material or technological support to Specially Designated Nationals and Blocked Persons, and all persons owned or controlled by, or acting on behalf of persons blocked by the order.  The Executive Order also suspends the entry into the US of persons who are blocked by the order. 

In connection with the new Executive Order, OFAC issued 12 new general licenses to allow certain commerce with Venezuelan-owned entities to continue.

Executive Order