OFAC Imposes Sanctions on Venezuelan President Maduro
On July 31, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced that it was imposing sanctions on Venezuelan President Nicolás Maduro, pursuant to Executive Order 13692, for undermining the country’s democracy and rule of law after recent elections and committing widespread human rights abuses. The sanctions prohibit any U.S. individual from dealing with President Maduro and freezes all assets belonging to him subject to U.S. jurisdiction. Treasury Secretary Steven T. Mnuchin explained that the July 30 “illegitimate elections confirm that Maduro is a dictator who disregards the will of the Venezuelan people. By sanctioning Maduro, the United States makes clear our opposition to the policies of his regime and our support for the people of Venezuela who seek to return their country to a full and prosperous democracy.”
The July 31 sanctions follow an announcement on July 26 in which OFAC announced it was imposing sanctions against 13 current or former Venezuelan government officials associated with election corruption and human rights violations. As a result, all assets subject to U.S. jurisdiction are frozen and U.S. persons are prohibited from dealing with any of the individuals on the list.