On November 12, 2020, the President issued Executive Order 13959 (the Order) to prohibit U.S. persons from purchasing the publicly traded securities of certain companies that are affiliated with China’s military. While the Order does not come into force until January 11, 2021, U.S. financial services companies and U.S. investors will need to carefully review
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U.S. Hits Venezuela and Petróleos de Venezuela (PdVSA) with Financial Sanctions
By Kelley Drye on
Posted in Export Controls and Sanctions, Trade Policy
On Friday, August 25th, the U.S. government announced new financial sanctions on Venezuela. The move is the most recent U.S. response to the escalating political and humanitarian crisis in the country. The new Executive Order bars U.S. persons from:
- Dealing in ‘new debt’ of Petróleos de Venezuela (PdVSA), Venezuela’s state-owned oil company, that has a maturity of more than 90 days;
- Dealing in ‘new debt’ of the rest of the “Government of Venezuela” that has a maturity of more than 30 days;
- Dealing in bonds issued by the Government of Venezuela issued prior to Executive Order;
- Transactions related to divided payments or other distributions of profit to the Government of Venezuela from any entity owned or controlled by the government; and
- Purchase certain securities from the Government of Venezuela.
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