By Melissa Miller Proctor
On August 24th, the President signed an Executive Order entitled “Imposing Additional Sanctions with Respect to the Situation in Venezuela” in light of the recent human rights violations, public corruption, repression and persecution of the political opposition, and establishment of an illegitimate Constituent Assembly by the Government of Venezuela (“GoV”). These new sanctions target the government and the Venezuelan oil industry, prohibiting U.S. persons from providing financing for, or dealing in:
- New debt with a maturity greater than 90 days of Petróleos de Venezuela S.A. (“PdVSA”);
- Other new debt with a maturity greater than 30 days or new equity of the GoV or its political subdivisions, agencies, or instrumentalities such as the Central Bank of Venezuela and PDVSA, and any person owned or controlled by the GoV;
- Bonds issued by the GoV; and,
- Dividend payments or other distributions of profits to the GoV from any entity it owns or controls (directly or indirectly).