NEW US EXECUTIVE ORDER PROHIBITS CERTAIN TRANSACTIONS WITH VENEZUELA

On 21st May, the US Treasury advised that President Trump has signed a new Executive Order which prohibits certain transactions with Venezuela.  The transactions affected included dealings such as –

  • the purchase of any debt owed to the Government of Venezuela (including accounts receivable);
  • in any debt owed to the Government of Venezuela that is pledged as collateral after the effective date of this order (including accounts receivable);
  • in the sale, transfer, assignment or pledging as collateral by the Government of Venezuela of any equity interest in any entity in which the Government has a holding of 50% or more

https://www.treasury.gov/resource-center/sanctions/Programs/Documents/venezuela_eo_20180521.pdf

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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