On May 12, 2020, the U.S. Treasury’s Office of Foreign Assets Control (“OFAC”) announced that U.S. persons no longer need OFAC authorization to engage in dealings with Nynas AB, provided such activities do not involve blocked persons or otherwise prohibited activities. Further, Nynas AB is no longer subject to U.S. blocking sanctions as the entity
PDVSA
Implications for Suppliers – Chevron Ordered to Wind Down Venezuela Business By December 1, 2020 (with Limited Wind-Down Activities)
By Eric McClafferty on
Posted in Export Controls and Sanctions, Manufacturing
On April 22, 2020, President Trump ordered Chevron to “wind down” its business in Venezuela by December 1, 2020. This will have a significant impact on companies that supply Chevron with equipment used for oil and gas projects in Venezuela that were previously licensed.
Effective April 21, 2020, the Department of Treasury’s Office of Foreign…
U.S. Proposes Framework for Transition and Lifting of Venezuela Sanctions
By Eric McClafferty on
Posted in Export Controls and Sanctions
Elliott Abrams, the U.S. Special Representative for Venezuela, announced a plan to lift sanctions on Venezuela should the Maduro regime step aside to permit a transitional government to be elected until full elections can take place in late 2020.[1] If there is transition of power, individual sanctions on dozens of Venezuelan government officials could…
U.S. Sanctions Russian Oil Brokerage Firm, Rosneft, Over Venezuelan Oil Exports
By Kelley Drye on
Posted in Export Controls and Sanctions
Today, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on Rosneft Trading S.A., a Switzerland-based subsidiary of Russian state-controlled global energy company Rosneft Oil, and its president and board executive Didier Casimiro. Specifically, OFAC designated the company as a specially designated national (SDN) pursuant to Executive Order (E.O.) 13850…