Venezuela

Critical Insights

  1. The United States is Venezuela’s single largest trading partner. More than 90 percent of Venezuela’s export earnings are derived from the sale of oil. Petróleos de Venezuela, S.A. (PDVSA), Venezuela’s state-owned oil company, was first sanctioned in 2011 for doing business with Iran but was delisted in 2016 following the signing of the Joint Comprehensive Plan of Action (JCPOA). PDVSA currently faces US financing restrictions with respect to the purchase of PDVSA debt issuances, equities, and securities.
  2. Nearly 50 Venezuela-related actors have been designated under the the Kingpin Act. Sanctions against Venezuelan officials under the Kingpin Act were first issued in 2008 and designated Venezuelan intelligence officials and a government minister for providing assistance to the Revolutionary Armed Forces of Colombia (FARC).
  3. Sanctioned Venezuelan actors own property and do business in the United States, Europe, Panama, the Caribbean, and the United States. Venezuelan officials and associates have been indicted in US federal courts for laundering over $1 billion through front companies and real estate holdings.

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