OFAC sanctions Venezuelan officials

On Monday, The Treasury Department announced that OFAC has designated four current or former Venezuelan government officials pursuant to Executive Order 13692, as part of Treasury’s ongoing efforts to highlight the economic mismanagement and endemic corruption that have been the defining features of the Maduro regime. The Venezuelan government’s actions have rendered Venezuela’s currency essentially worthless through hyperinflation, made food and medicine rare commodities through price controls, and triggered a humanitarian crisis that the Venezuelan government refuses to alleviate by changing policy or accepting international assistance.

Treasury also announced that the president signed a new Executive Order prohibiting U.S. persons and others subject to U.S. jurisdiction from engaging in all transactions related to, provision of financing for, and other dealings in any digital currency, digital coin, or digital token that was issued by, for, or on behalf of the Government of Venezuela after January 9, 2018.

As a result of Monday’s actions, all assets of the designated current or former officials of the Government of Venezuela that are subject to U.S. jurisdiction are frozen, and U.S. persons are generally prohibited from dealing with them. For their identity information and a link to the new Executive Order and new FAQs, see our OFAC Update.