Updated October 30, 2020
Venezuela: Overview of U.S. Sanctions
For more than a decade, the United States has imposed
U.S.C. 1901 et seq.). Designated individuals include current
sanctions in response to activities of the Venezuelan
and former Venezuelan officials, such as then-Vice
government and Venezuelan individuals. In response to the
President Tareck el Aissami and Pedro Luis Martin (a
authoritarian leadership of Nicolás Maduro, the Trump
former senior intelligence official) and two associates.
Administration has significantly expanded sanctions. As of
October 30, 2020, the Treasury Department has imposed
Targeted Sanctions Related to Antidemocratic
sanctions on roughly 159 Venezuelan or Venezuelan-
Actions, Human Rights Violations, and Corruption
connected individuals, and the State Department has
In response to increasing repression in Venezuela, Congress
revoked the visas of more than 1,000 individuals and their
enacted the Venezuela Defense of Human Rights and Civil
families. The Trump Administration also has imposed
Society Act of 2014 (P.L. 113-278; 50 U.S.C. 1701 note) in
sanctions on Venezuela’s state oil company (Petróleos de
2014. Among its provisions, the law requires the President
Venezuela, S.A., or PdVSA), government, and central bank.
to impose sanctions (asset blocking and visa restrictions)
against those whom the President identifies as responsible
Sanctions have increased economic pressure on the Maduro
for significant acts of violence or serious human rights
government, accelerating a decline in oil production.
abuses or anyone who has ordered the arrest or prosecution
Nevertheless, Maduro remains in power almost two years
of a person because of the person’s legitimate exercise of
since the United States ceased to recognize his presidency.
freedom of expression or assembly. Congress extended this
The Trump Administration has promised continued support
act through 2019 in P.L. 114-194. In December 2019,
to National Assembly President Juan Guaidó, whom the
Congress extended this act through 2023 in P.L. 116-94.
United States and 57 governments recognize as interim
president of Venezuela. In 2020, Treasury has sanctioned
In March 2015, President Obama issued E.O. 13692 to
two subsidiaries of the Russian state-controlled Rosneft Oil
implement P.L. 113-278, and Treasury issued regulations in
Company for facilitating Venezuelan oil exports and four
July 2015 (31 C.F.R. Part 591). The E.O. targets (for asset
shipping companies for transporting Venezuelan oil.
blocking and visa restrictions) those involved in actions or
policies undermining democratic processes or institutions;
Terrorism-Related Sanctions
serious human rights abuses; prohibiting, limiting, or
Since 2006, the Secretary of State has made an annual
penalizing freedom of expression or peaceful assembly; and
determination that Venezuela is not “cooperating fully with
public corruption. It includes any person who is a current or
United States anti-terrorism efforts” pursuant to Section
former leader of any entity engaged in any of those
40A of the Arms Export Control Act (22 U.S.C. 2781). The
activities, as well as current or former government officials .
most recent determination was made in May 2020. As a
result, the United States has prohibited all U.S. commercial
As of October 30, 2020, Treasury has imposed financial
arms sales and retransfers to Venezuela since 2006.
sanctions on 109 Venezuelans pursuant to E.O. 13692.
Under the Obama Administration, Treasury froze the assets
In 2008, Treasury imposed financial sanctions on two
of seven Venezuelan officials responsible for repressing
individuals and two travel agencies in Venezuela for
protestors. During the Trump Administration, Treasury has
financially supporting the radical Lebanon-based Islamic
imposed sanctions on an additional 102 Venezuelan
Shiite group Hezbollah. Pursuant to Executive Order (E.O.)
officials, including President Maduro; his wife, Cecilia
13224, those sanctions relate to terrorist funding.
Flores, and son, Nicolás Maduro Guerra. Executive Vice
President Delcy Rodriguez; Diosdado Cabello (Socialist
Drug Trafficking-Related Sanctions
party president); eight supreme court judges; the leaders of
Since 2005, pursuant to procedures in the Foreign Relations
Venezuela’s army, national guard, and national police;
Authorization Act, FY2003 (P.L. 107-228, §706; 22 U.S.C.
governors; the director of the central bank; and the foreign
2291j), the President has made an annual determination that
minister also are sanctioned. In May 2019, Treasury lifted
Venezuela has failed demonstrably to adhere to its
sanctions against the former head of Venezuela’s
obligations under international narcotics agreements.
intelligence service, General Manuel Cristopher Figuera,
President Trump made the most recent determination for
who broke ranks with Maduro. On September 4, 2020,
FY2020 in August 2019 but waived foreign aid restrictions
Treasury imposed sanctions on officials involved in
for programs that support the interim government.
convening a “fraudulent” legislative election on December
6, 2020, which the opposition is boycotting. On September
Treasury has imposed economic sanctions on at least 22
22, the agency sanctioned five individuals, including
individuals with connections to Venezuela and 27
several Maduro-aligned politicians who have sought to take
companies by designating them as Specially Designated
over major opposition parties.
Narcotics Traffickers pursuant to the Foreign Narcotics
Kingpin Designation Act (P.L. 106-120, Title VIII; 21
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Venezuela: Overview of U.S. Sanctions
Additional Financial Sanctions
central bank; in July, it sanctioned Venezuela’s military
President Trump has imposed additional financial sanctions
counterintelligence agency.
on Venezuela because of the government’s human rights
abuses and antidemocratic actions. In August 2017, he
Since April 2019, Treasury has sanctioned companies and
issued E.O. 13808, which prohibits access to U.S. financial
vessels involved in transporting Venezuelan oil to Cuba.
markets by the Venezuelan government, including PdVSA,
Companies that have stopped those shipments have been
with certain exceptions to minimize the impact on the
delisted. In July 2019, Treasury designated Cuba’s state oil
Venezuelan people and U.S. interests. In March 2018,
import and export company.
President Trump issued E.O. 13827 to prohibit transactions
involving the Venezuelan government’s issuance of digital
Sanctions on the Maduro Government and
currency, coin, or token. In May 2018, President Trump
Transactions with That Government
issued E.O. 13835, which prohibits transactions related to
In August 2019, President Trump issued E.O. 13884,
purchasing Venezuelan debt, including accounts receivable,
blocking (freezing) the property and interests of the Maduro
and any debt owed to Venezuela pledged as collateral.
government in the United States and within the control of
U.S. persons. The order prohibits U.S. persons from
Broader Sectoral Sanctions
engaging in transactions with the Maduro government
On November 1, 2018, President Trump issued E.O. 13850.
unless authorized by OFAC. E.O. 13884 also authorized
This E.O. set forth a framework to block the assets of, and
financial sanctions and visa restrictions on non-U.S.
prohibit certain transactions with, any person determined by
persons that assist or support the Maduro government,
the Secretary of the Treasury to operate in sectors of the
including foreign energy companies working with PdVSA.
economy or to engage in corrupt transactions with the
To allow humanitarian assistance to the Venezuelan people,
Maduro government. Some 22 individuals are sanctioned
OFAC issued licenses authorizing transactions involving
pursuant to E.O. 13850. They include people and entities
the delivery of food, agricultural commodities, and
involved in a $2.4 billion currency exchange corruption
medicine; remittances; international organizations; and
scheme; the president of the state gold mining company;
communications services. In April 2020, OFAC issued
and individuals and entities that siphoned millions of
guidance encouraging organizations delivering
dollars from Venezuela’s emergency food aid system.
humanitarian aid to Venezuela to report any sanctions-
related barriers they may face so that they can be resolved.
On January 28, 2019, pursuant to E.O. 13850, Treasury
designated PdVSA as operating in the oil sector of the
In 2020, Treasury has imposed sanctions on Rosneft
Venezuelan economy, and Secretary of the Treasury Steven
Trading S.A. and TNK Trading International S.A.,
Mnuchin determined that the company was subject to U.S.
subsidiaries of Russia’s Rosneft state-controlled oil and gas
sanctions. As a result, all property and interests in property
company, for assisting PdVSA. In June, Treasury
of PdVSA subject to U.S. jurisdiction are blocked, and U.S.
sanctioned four foreign shipping companies for transporting
persons (companies or individuals) generally are prohibited
Venezuelan oil. It also sanctioned three individuals and
from engaging in transactions with the company.
eight companies for sanctions evasion related to an alleged
“oil-for-food” program. Using the Iran sanctions
Treasury’s Office of Foreign Assets Control (OFAC) has
framework, Treasury has sanctioned individuals and entities
issued general licenses to allow certain transactions and
involved in shipping Iranian petroleum products to
activities related to PdVSA and its subsidiaries, some for
Venezuela in exchange for gold. Treasury also sanctioned
specified periods. OFAC first authorized transactions with
Maduro for violating a U.N. arms embargo on Iran.
U.S.-based PdVSA subsidiaries, PDV Holding, Inc.
(PDVH) and CITGO Holding, Inc. through July 2019. In
Policy Considerations
March 2019, the general license for those entities was
On a bipartisan basis, Congress has supported targeted
extended for 18 months. OFAC authorized PDVH, CITGO,
sanctions against Maduro officials, but opinions on broader
and other U.S. companies to import petroleum from PdVSA
sanctions vary. Some in Congress support economic
through April 28, 2019, but payments had to be made to a
sanctions as a means to pressure the Maduro government.
blocked U.S. account. OFAC initially authorized U.S.
Others, concerned about the humanitarian effects of those
companies with operations in Venezuela involving PdVSA
sanctions, have called for a suspension of sanctions during
(including Chevron) to continue operating through July 27,
the Coronavirus Disease 2019 (COVID-19) pandemic.
2019. An amended license only allows transactions
necessary for the maintenance of “essential operations” or
In December 2019, Congress enacted P.L. 116-94, an act
the “wind down of operations” by December 1, 2020.
that includes provisions from the VERDAD Act (S. 1025)
that, among other measures, extends sanctions regarding
In March 2019, Treasury sanctioned the Moscow-based
corruption and undemocratic actions through 2023.
Evrofinance Mosnarbank (owned by Russia and Venezuela)
for helping PdVSA funnel revenue from oil sales. Treasury
See U.S. Department of the Treasury, “Venezuela-Related
then sanctioned Venezuela’s state-owned gold sector
Sanctions,” at https://home.treasury.gov/policy-issues/
company, Minerven, for using illicit gold operations to
financial-sanctions/sanctions-programs-and-country-
support Maduro. It also sanctioned the state-affiliated
information/venezuela-related-sanctions. Also see CRS
Venezuelan Economic and Social Development Bank and
Report R44841, Venezuela: Background and U.S.
subsidiaries that the Maduro government uses to move
Relations.
money abroad. In April, Treasury sanctioned Venezuela’s
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Venezuela: Overview of U.S. Sanctions

Clare Ribando Seelke, Specialist in Latin American
Affairs
IF10715


Disclaimer
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https://crsreports.congress.gov | IF10715 · VERSION 34 · UPDATED

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