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President Obama Orders New Sanctions Related to Venezuela
Practical Law Legal Update 8-603-9945 (Approx. 3 pages)
President Obama Orders New Sanctions Related to Venezuela
by Practical Law Commercial
| Published on 10 Mar 2015 • USA (National/Federal) |
President Obama has issued a new Executive Order establishing sanctions against various parties that are contributing to violence, corruption and political oppression in Venezuela. The targeted sanctions in this Executive Order also implement the Venezuela Defense of Human Rights and Civil Society Act of 2014.
On March 9, 2015, President Obama issued an Executive Order to:
- Institute targeted sanctions against certain people and entities in Venezuela.
- Implement the Venezuela Defense of Human Rights and Civil Society Act of 2014 (Pub. L. No. 113-278, 128 Stat. 3011 (2014)).
This Executive Order blocks the property and interest in property of parties that are involved in any of the following:
- Actions or policies that undermine democratic processes or institutions.
- Significant acts of violence that constitute a serious violation of human rights.
- Actions that prohibit, limit or penalize the exercise of freedom of expression or peaceful assembly.
- Public corruption by senior officials within the Government of Venezuela.
In particular, the Executive Order:
- Authorizes the US Departments of Treasury and State to target certain types of parties, including current or former:
- leaders of any entity that has, or whose members have, engaged in any of the above activities;
- leaders of any entity whose property and interests in property are blocked or frozen under this Executive Order; and
- current or former officials of Venezuela's government.
- Specifically names seven targeted individuals.
This Executive Order becomes effective on March 9, 2015.
For more information on US export laws, including other sanctions rules, see Practice Note, Export Regulation: OFAC Economic and Trade Sanctions.