---
title: New Venezuela Sanctions Announced; Future Sanctions Against Venezuelan Oil Threatened
date: 2018-05-22T17:09:52-04:00
author: Import Bot
canonical_url: "https://www.kelleydrye.com/viewpoints/blogs/trade-and-manufacturing-monitor/new-venezuela-sanctions-announced-future-sanctions-against-venezuelan-oil-threatened"
section: Blog Posts
---
# New Venezuela Sanctions Announced; Future Sanctions Against Venezuelan Oil Threatened

 May 22, 2018

 

 

 

 

 

 

Yesterday, the President issued a new [Executive Order (E.O.)](https://www.treasury.gov/resource-center/sanctions/Programs/Documents/venezuela_eo_20180521.pdf) prohibiting certain financial transactions involving the Venezuelan government, including Petroleos de Venezuela, S.A. (PdVSA), the state-owned oil company. Under the new rules, persons subject to U.S. jurisdiction are prohibited from engaging in transactions related to:

(i) the purchase of any debt owed to the Government of Venezuela, including accounts receivable; (ii) any debt owed to the Government of Venezuela that is pledged as collateral after the effective date of the E.O., including accounts receivable; and (iii) the sale, transfer, assignment, or pledging as collateral by the Government of Venezuela of any equity interest in any entity in which the Government of Venezuela has a 50 percent or greater ownership interest.

The new sanctions were issued the day after President Nicolás Maduro claimed victory in his bid to win [a second term](https://www.nytimes.com/2018/05/20/world/americas/venezuela-election.html) in office after a seriously flawed vote. According to U.S. Deputy Secretary of State John Sullivan, the United States is also [considering issuing new oil sanctions](https://www.reuters.com/article/us-argentina-g20-sullivan/us-will-not-recognize-venezuela-election-result-state-department-idUSKCN1IL0QS) against Venezuela, which would be a substantial escalation in sanctions on that country.

 

 

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