Venezuela remains subject to a range of sanctions imposed by the United States, European Union, United Kingdom and other jurisdictions. These measures include restrictions targeting designated individuals and entities, as well as sanctions affecting certain sectors of the Venezuelan economy, including the oil and gas industry.
Particular attention should be paid to transactions involving the Venezuelan energy sector, including dealings with the Government of Venezuela, Petróleos de Venezuela, S.A. (PDVSA) and related entities, as well as transactions involving designated persons, vessels and financial institutions. Venezuela-related trade can raise complex sanctions, payment and compliance considerations for shipowners, charterers, insurers and other maritime stakeholders.
Sanctions affecting Venezuela have been subject to frequent amendments, exemptions and licensing measures, particularly under the US sanctions regime. Members should carefully assess all potentially applicable sanctions requirements before undertaking Venezuela-related business and ensure that any applicable licences or authorisations remain valid and relevant to the proposed activity.
This summary is intended as a high-level overview only and does not constitute legal advice. Sanctions regimes change frequently and Members should seek up-to-date advice before undertaking any trade that may give rise to sanctions concerns.
