Trade and Manufacturing Monitor
U.S. Temporarily Eases Sanctions Against Venezuelan Energy, Gold
On October 18, the Treasury Department’s Office of Foreign Assets Control (OFAC) eased U.S. sanctions on dealings with Venezuela’s gold and oil and gas sectors by issuing and amending several general licenses.…
Bureau of Industry and Security Imposes Significant Additional Restrictions on Exports to China, Russia, and Venezuela
On April 28, 2020, the Department of Commerce’s Bureau of Industry Security (“BIS”) published three separate rules which, in response to the Administration’s conclusion that “civil-military integration” in China is…
Implications for Suppliers - Chevron Ordered to Wind Down Venezuela Business By December 1, 2020 (with Limited Wind-Down Activities)
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…
U.S. Proposes Framework for Transition and Lifting of Venezuela 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…
Trump makes it official: Venezuelan digital currency is subject to sanctions
The President signed a new Executive Order today making it unlawful to engage in transactions involving digital currency issued by the Venezuelan government. The Executive Order makes official prior guidance from the…