Will New Sanctions on Venezuela Disrupt Global Trade Flows?

Javier Coronado, associate attorney at Diaz, Reus & Targ, LLP: “From now on, all U.S. persons, including U.S. financial institutions, are generally prohibited from engaging in any dealings involving PDVSA, as well as entities owned 50 percent or more by PDVSA. Accordingly, Venezuela’s oil trade with U.S. refineries—which are among the few customers that pay cash to Venezuela— will likely experience a significant decrease.