Contents
Does the EU Have Sanctions on Venezuela?
Yes. The European Union first imposed restrictive measures on Venezuela in November 2017 through Council Regulation (EU) 2017/2063, targeting individuals responsible for human rights violations and undermining democratic institutions. As of 2026, the EU regime focuses on targeted individual and entity designations — travel bans and asset freezes against named officials — rather than broad sectoral sanctions on oil or finance. The EU updates its Venezuela list periodically through the Official Journal of the European Union.
The EU Consolidated Sanctions List is searchable at ec.europa.eu/assets/main/consolidatedList.xlsx. Unlike the US SDN list, EU designations do not create a general prohibition on doing business in Venezuela — they prohibit specific transactions with the named persons and entities only.
UK Venezuela Sanctions
The United Kingdom maintains its own Venezuela sanctions order: the Venezuela (Sanctions) (EU Exit) Regulations 2019 (SI 2019/135), subsequently amended to align with post-Brexit UK autonomous sanctions policy. The UK regime mirrors the EU approach — targeted designations against individuals rather than sectoral oil or financial embargoes. The Office of Financial Sanctions Implementation (OFSI) administers the UK Venezuela list. UK persons must screen counterparties against the UK Financial Sanctions List published at gov.uk.
Canada Venezuela Sanctions
Canada imposed Venezuela-specific sanctions under the Special Economic Measures (Venezuela) Regulations (SOR/2017-136), enacted under the Special Economic Measures Act (SEMA). The Canadian regime designates named individuals and entities; it does not impose broad sectoral prohibitions on oil trade. Global Affairs Canada maintains the list. Canadian companies and investors must screen Venezuelan counterparties against the Consolidated Canadian Autonomous Sanctions List (CCASL) at international.gc.ca.
Australia and Venezuela Sanctions
Australia does not maintain a Venezuela-specific sanctions regime under the Autonomous Sanctions Act 2011. However, Australian entities are subject to UN-level measures where applicable, and Australian companies with US counterparts or USD-clearing banks face OFAC secondary-sanction exposure through their correspondence relationships. Australian investors operating in Venezuela should obtain independent legal advice regarding US secondary-sanction risk even in the absence of an Australian-specific Venezuela listing.
How Do Non-US Venezuela Sanctions Compare to OFAC?
| Regime | Type | Oil sector prohibited? | Designations |
|---|---|---|---|
| US OFAC | Comprehensive + targeted | Broad restrictions (SDN + GL carveouts) | PDVSA, Central Bank, 250+ individuals |
| EU | Targeted designations | No | ~60 individuals/entities |
| UK (OFSI) | Targeted designations | No | Mirrors EU list |
| Canada (SEMA) | Targeted designations | No | ~60 individuals/entities |
| Australia | No Venezuela-specific regime | No | None (Venezuela-specific) |
US OFAC sanctions are the most expansive: they include SDN designations, sectoral sanctions on the oil sector, a comprehensive blocking order on PDVSA, and secondary-sanction risk for non-US persons who assist blocked entities. EU, UK, and Canadian sanctions are targeted-designation regimes — they freeze assets and impose travel bans on named officials but do not prohibit oil trade or business with Venezuelan private-sector entities unless those specific entities are listed.
Compliance Checklist for Non-US Investors
Non-US investors evaluating Venezuela should: (1) Screen counterparties against the EU Consolidated List, UK Financial Sanctions List, and CCASL; (2) Assess US secondary-sanction exposure if the transaction touches USD, US financial institutions, or US-person counterparts; (3) Confirm whether the Venezuelan entity or individual is on any list — listed entities are off-limits regardless of the investor's nationality; (4) Obtain jurisdiction-specific legal advice — EU, UK, and Canadian counsel interpret their respective regimes, and one advisor rarely covers all three.