US TREASURY SANCTIONS VENEZUELA’S STATE-OWNED OIL COMPANY PDVSA

On 28th January, a news release from the US Treasury said that OFAC has designated Petroleos de Venezuela, S.A. (PdVSA).   PdVSA is a Venezuelan state-owned oil company and a primary source of Venezuela’s income and foreign currency, to include US dollars and Euros.  It says that, as Venezuela’s state owned oil company, PdVSA has long been a vehicle for corruption; and a variety of schemes have been designed to embezzle billions of dollars from PdVSA for the personal gain of corrupt Venezuelan officials and businessmen.

https://home.treasury.gov/news/press-releases/sm594

https://content.govdelivery.com/accounts/USTREAS/bulletins/22b5420

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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