U.S. extends economic sanctions on Venezuela to its Central Bank

On April 17, 2019, the Treasury Department’s Office of Foreign Assets Control (OFAC) announced that it had designated Banco Central de Venezuela (Banco Central), the country’s Central Bank, as subject to U.S. economic sanctions. A current director also was sanctioned; several other Banco Central management and directors previously had been designated for economic sanctions. The designation means that all property and interest in property of Banco Central and the director and any entity that is owned, directly or indirectly, 50% or more by either of them, that are in the United States or in possession or control of the United States, are blocked and must be reported to OFAC. All dealings by U.S. persons or within the United States that involve property or an interest in property of blocked or designated persons generally are prohibited. OFAC did issue a series of licenses to facilitate certain transactions involving Banco Central, including: License to allow certain…

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