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508. What do the prohibitions in E.O. 13808 mean? Are they blocking actions?
No. E.O. 13808, as amended by E.O. 13857, does not authorize the blocking of property. E.O. 13808, however, should be read in conjunction with other Venezuela-related authorities, such as the E.O. of August 5, 2019, which blocks the Government of Venezuela, and E.O. 13850, as amended, under which certain Government of Venezuela entities, including Petróleos de Venezuela, S.A. (PdVSA), are designated.
Subsection 1(a)(i) of E.O. 13808 prohibits engaging in transactions related to, providing financing for, or otherwise dealing in debt issued on or after August 25, 2017, with a maturity of longer than 90 days and issued by, on behalf of, or for the benefit of PdVSA, its property, or its interests in property.
Subsection 1(a)(ii) of E.O. 13808 prohibits engaging in transactions related to, providing financing for, or otherwise dealing in debt issued...
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1) This FAQ was originally issued to outline EO 13808, and was amended to reflect the blocking of the Government of Venezuela (GOV). As OFAC notes in the first paragraph, EO 13808 prevents “transactions related to” and “other dealings in” certain debt, equity and other assets, but the EO does not, on its face, require the blocking of such assets.
OFAC notes the overlapping scope of EO 13808 and other Venezuela-related authorities. This is a straightforward application of the general principle that individual loose-leaf GLs only modify prohibitions of authorities pursuant to which they are issued (as generally evidenced by the heading of the GL).
It would appear that, by necessity, every single type of asset within the scope of any of the EO 13808 prohibition would constitute “property” in...