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Key facts
Source:UK OFSI (UK HM Treasury, Open Government Licence v3.0)
The UK’s Office of Financial Sanctions Implementation (OFSI) has released updated statutory guidance regarding the sanctions regime currently applied to Venezuela. The regulations target specific individuals, businesses, and organizations listed on the UK Sanctions List. Measures against these designated persons include asset freezes, travel bans, director disqualification, and prohibitions on providing them with economic resources.
The sanctions also restrict the export and transfer of specific categories of goods and technology to Venezuela or connected parties. Prohibited items include military, security, and para-military equipment, as well as technology used for internal repression or interception and monitoring. Furthermore, the regime prohibits providing technical assistance, personnel, or financial services to the National Bolivarian Armed Forces of Venezuela (NBAFV) if such support relates to military activities or the facilitation of armed hostilities.
Recent updates to the guidance reflect the Sanctions (EU Exit) (Miscellaneous Amendments) (No.2) Regulations 2024. These technical changes are intended to strengthen OFSI’s enforcement and intelligence-gathering capabilities, streamline licensing processes, and resolve uncertainties within financial sanctions legislation. The updates also incorporate new guidance regarding director disqualification laws.
Additionally, the guidance notes a shift in enforcement responsibilities following the October 2024 takeover of civil sanctions enforcement by the Office of Trade Sanctions Implementation (OTSI). Under this new structure, OTSI has launched a new service for applying for service-related sanctions licenses, while applications for goods-related export licenses continue to be processed through the SPIRE system.
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Disclaimer. Strait Up Maritime aggregates and summarises sanctions-related news from public-domain government sources (US Treasury OFAC, UK OFSI). Summaries are generated automatically by AI and may contain inaccuracies. We do not warrant the accuracy, completeness, or timeliness of any content on this page. Strait Up Maritime is a journalism and information service — it is not a substitute for legal counsel, regulatory advice, or official sanctions verification. Use of this content is governed by our Terms of Use and News Aggregation Policy.