On 5th August, President Trump issued Executive Order 13884, reinforcing sanctions against Venezuela. The order targets the government of Venezuela and blocks all its assets and property in the US, while prohibiting the Venezuelan government to use the US financial system. This creates adverse effects for operators trading in Venezuela.
As a result of the Venezuelan sanctions, members trading to Venezuela are recommended to exercise great caution. In particular, members are strongly advised against having any involvement in the Venezuelan oil sector,
…the Swedish P&I Club informed.
The Venezuelan government is defined as follows:
The state and Government of Venezuela, any political subdivision, agency, or instrumentality thereof, including the Central Bank of Venezuela and Petroleos de Venezuela, S.A. 509645.1 (PdVSA), any person owned or controlled, directly or indirectly, by the foregoing, and any person who is acted or purported to act directly or indirectly for or on behalf of, any of the foregoing, including as a member of the Maduro regime.
Notably, US persons are specifically not prohibited to engage is transactions involving the country or people of Venezuela.
The Order further prohibits non-US persons to provide material assistance to or goods or services in support of the government of Venezuela, its agencies or any entity in which it holds a 50% or greater interest.
Explaining the character of the sanctions, the US says that they do not need to be permanent, rather they intend to bring about a positive change of behavior.
