OFAC FAQ (Current) # 524 - Venezuela Sanctions - Executive Order 13808 of August 24, 2017

Date issued: Jul. 19 2018

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TURBOFAC Commentary (450 words)

Notes:

Note: this FAQ and comments thereto were posted/written prior to the blocking of the Government of Venezuela pursuant to EO 13884. Neither the FAQ nor the comment have been updated in light of that development.

1) Refer to comment to FAQ 372 re: jurisdictional issues pertaining to the inclusion of derivatives within the scope of the SSI directives. The same generally apply here.

2) As implied in this FAQ, the legal basis for the regulation of the derivatives here is that they are "related to" the prohibited reference asset debt, and EO 13808 prohibits "[a]ll transactions related to" prohibited debt. The SSI directives dealing with debt, on the other hand, prohibit "dealing in" such debt, which OFAC interprets in the FAQs to cover a wide range of indirect dealings, but it is possible that the Venezuela EO...