OFAC sanctions four firms tied to Venezuela oil trade, blocks four tankers

The Treasury Department’s Office of Foreign Assets Control sanctioned four companies on the basis that they operated in Venezuela’s oil sector, and it identified four oil tankers associated with those firms as blocked property.

According to the Treasury announcement, the vessels have transported Venezuelan oil. OFAC said the action targets oil traders engaged in sanctions evasion for the Maduro regime and noted that some of the vessels are part of a “shadow fleet” serving Venezuela.

OFAC designated the companies pursuant to Executive Order 13850.

In a related update on OFAC’s Recent Actions page, the four companies were added to the Specially Designated Nationals and Blocked Persons List (SDN List). The four vessels were also added to the SDN List as blocked property linked to the designated companies.

OFAC said that, as a result of the action, all property and interests in property of the designated or blocked persons that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. OFAC also said entities owned, directly or indirectly, individually or in the aggregate, 50% or more by one or more blocked persons are also blocked.

OFAC said its regulations generally prohibit, unless authorized by a general or specific license or exempt, transactions by U.S. persons or within (or transiting) the United States involving any property or interests in property of blocked persons. The agency also said violations may result in civil or criminal penalties, and that OFAC may impose civil penalties on a strict liability basis.

Treasury quoted Secretary of the Treasury Scott Bessent as saying: “President Trump has been clear: We will not allow the illegitimate Maduro regime to profit from exporting oil while it floods the United States with deadly drugs.”