EU issued council decision (CFSP) 2021/1965 of Nov. 11 amending decision (CFSP) 2017/2074 concerning restrictive measures in view of the situation in Venezuela.
Council implementing regulation 2021/1959 of Nov. 11, 2021 implementing regulation 2017/2063 concerning restrictive measures in view of the situation in Venezuela.
Follows EC Feb. 2021 updated financial sanctions in relation to Venezuela, see #98761.
Reviewed restrictive measures in place in accordance with 2017 decision, regulation.
Based on that review, the restrictive measures, including all designations, were renewed until Nov. 14, 2022, and statement of reasons for 26 persons were updated.
Effectiveness
Entered into force on day following publication in official journal, e.g. Nov. 13, 2021.
Nov. 2022 Renewed Restrictions
On Nov. 11, 2022, EU CNCL decided to renew the restrictive measures relating to Venezuela until Nov. 14 2023, and update the statement of reasons for 17 persons.
Council Dec (CFSP) 2022/2201 amends Dec (CFSP) 2017/2074 concerning restrictive measures in view of the situation in Venezuela; Reg 2022/2194 implements Regulation (EU) 2017/2063 concerning restrictive measures in view of the situation in Venezuela.
Nov. 2023 Measures Extended by 6 Months
On Nov. 13, 2023, EU CNCL decided exceptionally to extend its restrictive measures relating to Venezuela for six months only instead of one year, until May 14, 2024.
These restrictive measures include an embargo on arms and on equipment for internal repression as well as a travel ban and an asset freeze on 54 listed individuals.
In connection to latest review of the measures, one deceased person was removed.
The EU restrictive measures on Venezuela, in place since Nov. 2017, were imposed in response to the deterioration of democracy, the rule of law and human rights in Venezuela, to help encourage democratic shared solutions in order to bring political stability to the country and allow it to address the pressing needs of the population.
EU CNCL welcomes the Venezuelan-led political agreement of Oct. 17, 2023, in Barbados, which represents a positive and necessary step in the continuation of an inclusive dialogue process and towards the restoration of democracy in Venezuela.
In this context and in the framework of the annual review of its restrictive measures, EU CNCL decided to shorten the duration of upcoming renewal from 12 to 6 months.
And Council Implementing Reg 2023/2500 of Nov. 10, 2023 implementing Reg 2017/2063 concerning restrictive measures in view of the situation in Venezuela.
In line with stated motives leading to the decision, EU CNCL will reassess scope of its restrictive measures in 6 months, is ready to revert to this matter at any time based on concrete, sustainable, verifiable progress with regard to the situation in Venezuela.
May 2024 Extended Measures
On May 14, 2024, EU CNCL decided restrictions should be renewed until Jan. 10, 2025.
With a view to promoting organization of inclusive, credible, competitive elections in Venezuela, travel restrictions applied to 4 natural persons in the list of natural and legal persons, entities, bodies in Annex I to Dec (CFSP) 2017/2074 should be suspended.
6 natural persons entries in Annex I to Dec (CFSP) 2017/2074 should be updated.
Issued Council Dec (CFSP) 2024/1339 of May 13, 2024 amending Dec (CFSP) 2017/2074 concerning restrictive measures in view of the situation in Venezuela.
And Reg 2024/1340 of May 13, 2024 implementing Reg 2017/2063 concerning restrictive measures in view of the situation in Venezuela in the EU Official Journal.
Regulators
EU CNCL
Entity Types
B/D; Bank; BS; Ins; Inv Co; MSB
Reference
List, OJ L, Reg 2024/1340, Reg 2024/1339, 5/14/2024; List, PR, OJ L, 11/13/2023; Dec (CFSP) 2023/2498, Reg 2023/2500, 11/10/2023; List, OJ L 292/65, 11/11/2022; Reg 2022/2194, Dec (CFSP) 2022/2201, 11/10/2022; OJ L 400/1, L 400/148, 11/12/2021; Dec (CFSP) 2021/1965, Reg 2021/1959, 11/11/2021; Reg 2017/2063; Dec (CFSP) 2017/2074; Citation: Dec (CFSP) 2022/2201; Reg 2022/2194; Dec (CFSP) 2023/2498; Dec (CFSP) 2017/2074; Reg 2017/2063; Reg 2023/2500; Reg 2024/1340; Dec (CFSP) 2024/1339;
Functions
AML; Anti-Bribery; Compliance; Financial; Human Rights; Legal; Operations; Sanctions
Countries
European Union; Venezuela; Cross-Border
Category
State
Products
Banking; Clearing; Deposits; Fund Mgt; Insurance; Loan
