This news release is issued to publicise a new sanctions regime in relation to Venezuela.
On 15 December 2017, the European Union (Venezuela Sanctions) Order 2017 [SD 2017/0366] came into operation.
This Order applies the provisions of Council Regulation (EU) 2017/2063 of 13 November 2017, concerning restrictive measures in view of the situation in Venezuela, as part of the law of the Island.
The European Union (Venezuela Sanctions) Regulations 2017 [SD 2017/0367], also came into operation on 15 December 2017 and makes provision for the enforcement, licensing and penalties in respect of Council Regulation (EU) 2017/2063.
It should be noted that to date no individuals or entities have been designated.
Further details can be found in Sanctions Notice 47 on the Customs and Excise website.