As tensions mount in the run-up to the election of a National Constituent Assembly in Venezuela on July 30, 2017, the United States Treasury Department Office of Foreign Assets Control ("OFAC"), on July 26, 2017, imposed sanctions on an additional 13 current or former Venezuelan government officials.
These designations under Executive Order 13692 1 take effect immediately. As a result, US Persons 2 are now prohibited from engaging in any commercial transaction with any of the 13 individuals, direct or indirect. This prohibition also extends to any entity in which the designated individual, or a combination of designated individuals, owns a 50 percent or greater interest, or which OFAC determines to be under the control of a designated person. The sanctions also require US Persons to block (freeze) any property or interest in property of a designated person within the possession or control of a US Person.
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