Financial Services Partner Gabriel Caballero was quoted by Daily Business Review on the Venezuelan crude oil sanctions that were imposed last week. The sanctions are expected to affect non-U.S. countries that do not want to run the risk of being sanctioned by the U.S. Mr. Caballero discussed how companies will have to review all deals, holdings and indirect touch points with Venezuela as they could be seen as violating the sanctions, which could lead to civil fines, blocked transactions or criminal charges.
"Let’s say your company creates valves and you export them to a distributor in Latin America. If that distributor re-exports your product to Venezuela, you run the risk of getting hit with sanctions," said Mr. Caballero, who is part of Holland & Knight’s 20-attorney Venezuela focus team.
READ: Tough Sanctions on Venezuelan Crude Extend Past US Borders (Subscription Required)