The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) on Tuesday (2 June) took action against four companies for operating in the oil sector of the Venezuelan economy.
Additionally, it has also identified four vessels as blocked property.
The United States reiterates that the exploitation of Venezuela’s oil assets for the benefit of the illegitimate regime of President Nicolas Maduro is unacceptable, and those that facilitate such activity risk losing access to the U.S. financial system, it explained.
“The illegitimate Maduro regime has enlisted the help of maritime companies and their vessels to continue the exploitation of Venezuela’s natural resources for the regime’s profit,” said Treasury Secretary Steven T. Mnuchin.
“The United States will continue to target those who support this corrupt regime and contribute to the suffering of the Venezuelan people.”
The OFAC’s designation, pursuant to E.O. 13850, as amended, further targets Venezuela’s oil sector, which continues to provide financial resources to the illegitimate regime of President Maduro:
As a result of the OFAC’s action, all property and interests in property of these entities that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC.
In addition, any entities that are owned, directly or indirectly, 50 percent or more by the designated entities are also blocked, it said,
OFAC added that its regulations generally prohibit all dealings by U.S. persons or those within (or transiting) the United States that involve any property or interests in property of blocked or designated persons.
Photo credit: David-Everett
Published: 3 June, 2020
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