Intellectual Property Fees Are Exempt From New US Sanctions On Venezuela

On August 5, 2019, US President Donald J. Trump expanded existing US sanctions on Venezuela with a new Executive Order (EO 13884) that prohibits US individuals or companies from engaging in transactions with the Government of Venezuela, by broadening the definition of Government of Venezuela to include not only the state and named officials but now, also, all property and property interests of the Government of Venezuela (Section 6(d), e.g., political subdivisions, agencies, entities and persons controlled directly or indirectly by the government).

Without authorization or license from the Office of Foreign Assets Control (OFAC) of the US Department of Treasury, US persons are prohibited from engaging in transactions with the Government of Venezuela, or persons in which the Government of Venezuela owns, directly or indirectly. On the same date as the Executive Order publication, the OFAC amended various preexisting general licenses and issued 13 new general licenses, including General License 27, which authorizes transactions in connection with...