Deep Dive into Venezuela Sanctions

The Venezuela sanctions program is one of the most complicated - and unique - regimes administered by OFAC. Beginning in 2005, the United States imposed economic sanctions in response to the malignant activities of the Venezuelan government and certain individuals. In more recent years, the Obama administration, pursuant to EO 13808, implemented sectoral-like sanctions affecting debt issued by the Government of Venezuela. These actions have been expanded upon by the Trump administration, including EO 13884, which blocked the property of the Government of Venezuela.

This panel, which includes former US Treasury officials, will provide background on the recent history and current situation in Venezuela, from the arrival of the late-President Hugo Chavez, to the ongoing economic and humanitarian crisis, to the disputed Presidency of Nicolas Maduro today. They will also discuss the impact of the various Executive Orders; how Russia, Cuba, and China became entangled in Venezuela sanctions; how Venezuela sanctions impact global oil trade (and one large US oil and gas company); and much more.

Moderator:

• Howard Spieler, ACAMS New York Chapter Co-Chair

Panelists:

• Nicholas Schumann, former U.S. Treasury representative to U.S. Southern Command leadership on illicit finance issues in Latin America and the Caribbean, currently US Head of Engagement, Financial Crime Threat Mitigation, HSBC
• Nicole Sayegh Succar, former OFAC Sanctions Officer, currently Economic Sanctions and Anti-Money Laundering (AML) Specialist, Counsel, Crowell & Moring LLP