The legislation mandates the president impose sanctions on Venezuelan individuals who are believed to have committed violence, serious human rights abuses, or antidemocratic actions. Congress passed the Venezuela Defense of Human Rights and Civil Society Act. The process of executing sanctions in response to political repression and human rights violations began in 2014, when the U.S. As of 2021, at least 22 Venezuelan individuals and 27 companies are designated as Specially Designated Narcotics Traffickers. Beginning 2006, the United States has gradually added Venezuelans believed to be abetting the drug trade to its list of sanctioned individuals. Bush first made the annual determination that Venezuela was not upholding its obligations to global antidrug trafficking accords. For example, in 2008, the United States sanctioned Venezuelan individuals and businesses who supported the Lebanese group Hezbollah. Sanctions related to antiterrorism efforts have been intermittently announced since. As a result, Caracas is banned from being involved in U.S. State Department registered that the Hugo Chávez government was noncompliant with the U.S. The first sanctions levied against Venezuelans were related to Caracas’ lack of cooperation on antiterrorism and antinarcotic efforts. Sanctions on Venezuelans focus on three main categories of offenses: sponsoring terrorism, aiding drug trafficking, and committing human rights abuses. Washington first placed sanctions on Venezuelan individuals 15 years ago. What are the existing sanctions on Venezuela and its oil? And what do other sanction regimens look like in the region? AS/COA Online looks at the state of Washington’s sanctions in Latin America in order of the size of each country’s economy. The Treasury’s Office of Foreign Assets Control (OFAC) enforces sanctions and issues penalties on violators. In the United States, sanctions are requested by Congress, actualized through a presidential executive order, and executed by the U.S. Part of the agenda included the possibility of lifting some of the broad sanctions placed on Venezuela’s oil sector in 2019, presumably to help ease the global supply contraction on oil production, as Biden aims to control rising gas prices. sanctions.ĭespite Venezuela’s ties to Russia, members of President Joe Biden’s administration traveled to Caracas on March 5 to negotiate with the regime of de facto President Nicolás Maduro. All three of these countries are close allies to Moscow, in part because the Kremlin helps them to work around U.S. Nicaragua’s sanctions solely target individuals and government entities. maintains broad-based sanctions, meaning nearly all transactions are regulated in some capacity. Cuba and Venezuela are among five countries worldwide on which the U.S. sanctions, given that three countries in the region-Cuba, Nicaragua, and Venezuela-currently face them.
And the ripple effect is already affecting countries in Latin America, both because of Russia’s overall share of global economy and because Moscow supplies the region with key products like wheat, fertilizer, and oil.
The Russian economy responded by taking a nosedive. The United States, the EU, and other allied nations are blocking the Kremlin, certain key businesses, and some individual citizens from global financial systems, trade, and travel. One major global response to Russia’s invasion of Ukraine is a flurry of sanctions.
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