OFAC FAQ (Current) # 596- Executive Order 13827 "Taking Additional Steps to Deal with the Situation in Venezuela"

Date issued: Jul. 19 2018

Last substantive commentary amendment:
May. 10 2023

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TURBOFAC Commentary (782 words)

Notes:

1) At the time the FAQ was issued (July 19, 2018), certain securities of the Government of Venezuela, including shares of PdVSA and its subsidiaries, were subject to the non-blocking prohibitions of EO 13808 and EO 13835, but no blocking prohibitions were yet applicable. (PdVSA is currently blocked pursuant to EO 13884 and EO 13850).

This FAQ was presumably issued as a reaction to the Crystallex International Corporation v. Bolivarian Republic of Venezuela (1:17-mc-00151) (D. Del, 2017 - ), a case in which the plaintiff Crystallex sought a writ of attachment focusing on shares of PDV Holding, Inc. (PDVH), which is an entity owned by PdVSA and the Government of Venezuela. Soon after the FAQ was issued, on Aug. 9, 2018 the judge in the Crystallex case issued a writ of attachment on shares of PDVH....