The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanction the Cuban company, Corporacion Panamericana S.A., pursuant to Executive Order (E.O.) 13850 for being owned or controlled by, or having acted for or on behalf of, Cubametales, an entity designated on July 3, 2019, for operating in the oil sector of the Venezuelan economy.
Specifically, Cubametales was designated on July 3, 2019 for conducting business with Venezuelan state petroleum company PDVSA, which had also been designated by OFAC in January.
Now, the OFAC stated that
Today’s action against Corporacion Panamericana S.A. demonstrates OFAC’s continued commitment to target those facilitating activity for designated entities, such as Cubametales, an entity that has refused to end its support for the illegitimate former Maduro regime.
In addition, in continuance of Cubametales’ ongoing evasion activities, Corporacion Panamericana acquired employees from Cubametales following Treasury’s designation of Cubametales. After the designation, a Cubametales official who held a position with the same duties at Corporacion Panamericana negotiated a deal with a European company for the delivery of gasoline to Cuba.
Cuba has played a direct role in preventing the return of democracy to Venezuela. Treasury continues to pursue sanctions evaders to deny resources to the illegitimate Venezuelan regime
… said Treasury Deputy Secretary Justin G. Muzinich
Concluding, OFAC highlights that all property and interests in property of these entities and of any entities that are directly or indirectly owned, 50% or more by the designated entities, that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC.
