The U.S. Department of the Treasury’s Office of Foreign Assets Control announced today that it would be sanctioning Cuban company Corporacion Panamericana S.A. pursuant to Executive Order 13850 because it is owned or controlled by Cubametales.
Cubametales was designated on July 3rd, 2019 because it was operating in the oil sector of the Venezuelan economy.
Treasury Deputy Secretary Justin G. Muzinich released a statement today, expressing that “Cuba has played a direct role in preventing the return of democracy to Venezuela.”
Muzinich added that “treasury continues to pursue sanctions evaders to deny resources to the illegitimate Venezeulan regime.”
Since being designated on July 3rd of this year, Cubametales, which is the Cuban state-run oil import and export company, has faced mounting pressure as businesses continue to refuse business with them because of their designation. With the designation of Corporacion Panamericana S.A., it adds further pressure because Cubametales had repeatedly offered them as an intermediary to continue operations and circumvent sanctions.
Florida lawmakers have responded positively to the move, and one vocal support has been Florida Senator Marco Rubio (R).
Shortly after the designation was announced, Senator Rubio commented that “as the United States continues to hold accountable enablers of the Venezeulan and Cuban regimes, which continue to violate human rights and undermine democratic order in our region, we must continue to urge our European allies to follow suit.”
The Florida Senator explained that “by sanctioning this Cuban corporation, America is sending a clear message to deter any companies or individuals from aiding undemocratic regimes in our hemosphere.”
In a press release from the U.S. Department of the Treasury, it was explained that “as a result of today’s action, all property and interests in property of these entities, and of any entities that are owned, directly or indirectly, 50 percent or more by the designated entities, that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC.”