Updated January 22, 2021
Venezuela: Overview of U.S. Sanctions
For over 15 years, the United States has imposed sanctions
President Trump made the most recent determination for
in response to activities of the Venezuelan government and
FY2021 in September 2020 but waived foreign aid
Venezuelan individuals. The earliest sanctions imposed
restrictions for programs that support the interim
related to Venezuela’s lack of cooperation on antidrug and
government.
counterterrorism efforts. The Obama Administration
imposed targeted sanctions against individuals for human
Treasury has imposed economic sanctions on at least 22
rights abuses, corruption, and antidemocratic actions. The
individuals with connections to Venezuela and 27
Trump Administration significantly expanded economic
companies by designating them as Specially Designated
sanctions in response to the increasing authoritarianism of
Narcotics Traffickers pursuant to the Foreign Narcotics
President Nicolás Maduro (in power since 2013).
Kingpin Designation Act (P.L. 106-120, Title VIII; 21
U.S.C. 1901 et seq.). Designated individuals include current
In January 2019, the United States recognized Juan Guaidó,
and former Venezuelan officials, such as Oil Minister and
president of the democratically elected, opposition-led
former Vice President Tareck el Aissami.
National Assembly, as interim president. The Trump
Administration then imposed sanctions on Venezuela’s
Targeted Sanctions Related to Antidemocratic
state oil company (Petróleos de Venezuela, S.A., or
Actions, Human Rights Violations, and Corruption
PdVSA), central bank, and government to pressure Maduro
In response to increasing repression in Venezuela, Congress
to leave power. As of January 22, 2021, the Treasury
enacted the Venezuela Defense of Human Rights and Civil
Department had imposed sanctions on roughly 166
Society Act of 2014 (P.L. 113-278; 50 U.S.C. 1701 note).
Venezuelan or Venezuelan-connected individuals and the
Among its provisions, the law required the President to
State Department had revoked the visas of more than 1,000
impose sanctions against those whom the President
individuals and their families. Despite these and other
identified as responsible for significant acts of violence,
measures, Maduro remains firmly in power, and his party
serious human rights abuses, or antidemocratic actions.
now controls a de facto National Assembly seated on
Congress extended this act through 2023 in P.L. 116-94.
January 5, 2021.
In March 2015, President Obama issued E.O. 13692 to
Some analysts have urged the incoming Biden
implement P.L. 113-278, and Treasury issued regulations in
Administration to maintain all sanctions to pressure Maduro
July 2015 (31 C.F.R. Part 591). The E.O. targets (for asset
into negotiations with the opposition. Others have
blocking and visa restrictions) those involved in actions or
suggested the removal of broad sanctions that have hurt the
policies undermining democratic processes or institutions;
Venezuelan people without hastening Maduro’s departure;
serious human rights abuses; prohibiting, limiting, or
they urge a renewed focus on targeted sanctions
penalizing freedom of expression or peaceful assembly; and
implemented in coordination with U.S. allies .
public corruption. It includes any person who is a current or
former leader of any entity engaged in any of those
Terrorism-Related Sanctions
activities, as well as current or former government officials .
Since 2006, the Secretary of State has made an annual
determination that Venezuela is not “cooperating fully with
As of January 19, 2021, Treasury had imposed financial
United States anti-terrorism efforts” pursuant to Section
sanctions on 113 Venezuelans and at least eight entities
40A of the Arms Export Control Act (22 U.S.C. 2781). The
pursuant to E.O. 13692. The targeted individuals have
most recent determination was made in May 2020. As a
included President Maduro; his wife, Cecilia Flores, and
result, the United States has prohibited all U.S. commercial
son, Nicolás Maduro Guerra; Executive Vice President
arms sales and retransfers to Venezuela since 2006.
Delcy Rodriguez; Diosdado Cabello (Socialist party
president); eight supreme court judges; the leaders of
In 2008, Treasury imposed financial sanctions on two
Venezuela’s army, national guard, and national police;
individuals and two travel agencies in Venezuela for
governors; the director of the central bank; and the foreign
financially supporting the radical Lebanon-based Islamic
minister. In May 2019, Treasury lifted sanctions against the
Shiite group Hezbollah. Pursuant to Executive Order (E.O.)
former head of Venezuela’s intelligence service, General
13224, those sanctions relate to terrorist funding.
Manuel Cristopher Figuera, who broke ranks with Maduro.
In December 2020, Treasury imposed sanctions on two
Drug Trafficking-Related Sanctions
executives and a firm that administered legislative elections
Since 2005, pursuant to procedures in the Foreign Relations
on December 6, 2020; the United States, the European
Authorization Act, FY2003 (P.L. 107-228, §706; 22 U.S.C.
Union, and most Latin American countries have rejected
2291j), the President has made an annual determination that
these elections as illegitimate.
Venezuela has failed demonstrably to adhere to its
obligations under international narcotics agreements.
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Venezuela: Overview of U.S. Sanctions
Additional Financial Sanctions
vessels that transported oil to Cuba, as well as Cuba’s state-
President Trump imposed additional financial sanctions on
run oil import/export company.
Venezuela because of the government’s human rights
abuses and antidemocratic actions. In August 2017, he
In 2020, Treasury began to sanction individuals, companies,
issued E.O. 13808, which prohibited access to U.S.
and shipping companies for transporting Venezuelan oil in
financial markets by the Venezuelan government, including
violation of sanctions. Treasury imposed sanctions on two
PdVSA, with certain exceptions to minimize the impact on
subsidiaries of Russia’s state-controlled oil and gas
the Venezuelan people and U.S. interests. In March 2018,
company, Rosneft. In June, Treasury sanctioned four
President Trump issued E.O. 13827 to prohibit transactions
foreign shipping companies for transporting Venezuelan
involving the Venezuelan government’s issuance of digital
oil. In June 2020 and January 2021, Treasury sanctioned
currency, coin, or token. In May 2018, President Trump
individuals, companies, and vessels involved in sanctions
issued E.O. 13835, which prohibited transactions related to
evasion. Treasury also has sanctioned individuals and
purchasing Venezuelan debt, including accounts receivable,
entities for shipping petroleum products to Venezuela in
and any debt owed to Venezuela pledged as collateral.
exchange for gold under the Iran sanctions framework.
Broader Sectoral Sanctions
Sanctions on the Maduro Government
On November 1, 2018, President Trump issued E.O. 13850.
In August 2019, President Trump issued E.O. 13884,
This E.O. set forth a framework to block the assets of, and
blocking (freezing) the property and interests of the Maduro
prohibit certain transactions with, any person determined by
government in the United States and within the control of
the Secretary of the Treasury to operate in sectors of the
U.S. persons. The order prohibited U.S. persons from
economy or to engage in corrupt transactions with the
engaging in transactions with the Maduro government
Maduro government. Some 26 individuals have been
unless authorized by OFAC. E.O. 13884 also authorized
sanctioned pursuant to E.O. 13850, including people and
financial sanctions and visa restrictions on non-U.S.
entities involved in a currency manipulation scheme; those
persons that assist or support the Maduro government,
who siphoned hundreds of millions of dollars from an
including foreign energy companies working with PdVSA.
emergency food aid system; and those who have helped
Five individuals and several vessels and aircraft have been
Maduro and PdVSA evade oil sanctions.
sanctioned under E.O. 13884. To allow assistance to the
Venezuelan people, OFAC issued licenses authorizing
On January 28, 2019, pursuant to E.O. 13850, Treasury
transactions involving the delivery of food, agricultural
designated PdVSA as operating in the oil sector of the
commodities, and medicine; remittances; international
Venezuelan economy and the Secretary of the Treasury
organizations; and communications services. In April 2020,
determined the company was subject to U.S. sanctions. As a
OFAC issued guidance asking organizations delivering
result, all property and interests in property of PdVSA
humanitarian aid to Venezuela to report any sanctions-
subject to U.S. jurisdiction are blocked, and U.S. persons
related barriers they may face so they can be resolved.
(companies or individuals) generally are prohibited from
engaging in transactions with the company.
Policy Considerations
On a bipartisan basis, Congress has supported targeted
Treasury’s Office of Foreign Assets Control (OFAC) has
sanctions against Maduro officials. In December 2019,
issued general licenses to allow certain transactions and
Congress enacted P.L. 116-94, an act that includes
activities related to PdVSA and its U.S. subsidiaries. OFAC
provisions from the VERDAD Act (S. 1025), which, among
first authorized transactions with U.S.-based PdVSA
other measures, extends sanctions regarding corruption and
subsidiaries, PDV Holding, Inc. (PDVH) and CITGO
undemocratic actions through 2023.
Holding, Inc, through July 2019. OFAC extended that
authorization through February 2021. OFAC authorized
Opinions in Congress on broader sanctions imposed by the
PDVH, CITGO, and other U.S. companies to import
Trump Administration on the Maduro government and
petroleum from PdVSA through April 2019, but payments
entities that have supported Maduro vary. Some in
had to be made to a blocked U.S. account. OFAC initially
Congress continue to support economic sanctions as a
authorized U.S. companies working in Venezuela with
means to pressure the Maduro government. Others,
PdVSA (including Chevron) to operate through July 2019.
concerned about the humanitarian effects of those
An amended license allows only transactions necessary for
sanctions, have called for a suspension of sanctions during
the maintenance of “essential operations” or the “wind
the Coronavirus Disease 2019 (COVID-19) pandemic. Still
down of operations” through June 3, 2021.
others have called for a review of the effects U.S. sanctions
have had on the Venezuelan people and an end to any
In 2019, Treasury sanctioned a Moscow-based bank for
sanctions that have worsened humanitarian conditions.
helping PdVSA funnel revenue from oil sales. Treasury
then sanctioned Venezuela’s state-owned gold sector
See U.S. Department of the Treasury, “Venezuela-Related
company, Minerven, for using illicit gold operations to
Sanctions,” at https://home.treasury.gov/policy-issues/
support Maduro. It also sanctioned a state-affiliated
financial-sanctions/sanctions-programs-and-country-
development bank and subsidiaries the Maduro government
information/venezuela-related-sanctions, and CRS Report
had used to move money abroad. In April, Treasury
R44841, Venezuela: Background and U.S. Relations.
sanctioned Venezuela’s central bank; in July, it sanctioned
Venezuela’s military counterintelligence agency. In 2019,
Clare Ribando Seelke, Specialist in Latin American
Treasury also sanctioned several shipping companies and
Affairs
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Venezuela: Overview of U.S. Sanctions

IF10715


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https://crsreports.congress.gov | IF10715 · VERSION 35 · UPDATED

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