Ongoing developments in Venezuela raise critical business and legal questions for companies that do or are considering doing business in Venezuela. Public attention currently focuses on energy companies because of Venezuela’s vast oil reserves, but the US government has also announced that it will be promoting the rebuilding or modernization of electricity and infrastructure in Venezuela, all of which could result in significant business opportunities for other business sectors, including banking, mining, construction, manufacturing, transportation,…
We are providing a brief update on the latest developments in the US sanctions targeting Venezuela: To date, the US Department of the Treasury’s Office of Foreign Assets Control has not published any regulatory changes, general licenses, or licensing policies on its website that change current US sanctions. We continue to closely monitor Venezuela sanctions developments and will provide updates on this blog. Please reach out to the authors or any member of our US…
We are closely monitoring the developing situation in Venezuela and are focused on everyone’s safety. Since we are already receiving questions about what this means for US sanctions targeting Venezuela, we wanted to confirm that as of now, there have not been any changes to the US sanctions regime. We will share any updates on this blog both as to US sanctions changes or local Venezuelan reactions, in coordination with our local team. If you…
On March 24, 2025, the White House issued Executive Order 14245 (“EO 14245”) to implement potential tariffs for countries importing Venezuelan oil as well as a Fact Sheet that summarizes EO 14245 at a high level. On the same date, the US Treasury Department’s Office of Foreign Assets Control issued General License (“GL”) No. 41B extending the wind down period of certain transactions related to Chevron Corporation joint ventures (“JVs”) in Venezuela. EO 14245 This…