On August 25, 2017, US President Donald Trump issued an executive order (EO) limiting the government of Venezuela’s ability to access certain types of international financing. The new measures build on existing sanctions designations of senior Venezuelan officials and resemble the types of sectoral sanctions that the United States has imposed on Russia in recent years.
The new sanctions are effective immediately. However, the US Treasury Department’s Office of Foreign Assets Control (OFAC) issued four general licenses alongside the EO that provide, among other things, (i) a 30-day wind-down period for certain transactions involving entities owned or controlled by the government of Venezuela, (ii) authorization to transact in a “grandfathered” set of existing bonds, and (iii) relief for trade in agricultural commodities, medicine and medical devices.
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