Venezuela

This page provides guidance on the UK’s sanction regime, as it has effect in the Island, relating to Venezuela.

The Venezuela (Sanctions) (EU Exit) Regulations 2019 have effect in the Isle of Man by the Sanctions (Implementation of UK Sanctions) Regulations 2024 ('the Regulations'), which are made under the Sanctions Act 2024. This regime imposes financial, trade and immigration sanctions for the purpose of encouraging the Government of Venezuela to respect democratic principles and institutions, the separation of powers and the rule of law; refrain from actions, policies or activities which repress civil society; participate in negotiations with its political opponents in good faith to bring about a peaceful solution to the political crisis; and comply with international human rights law and respect human rights.

Individuals and entities who are designated under this regime are included on the UK sanctions list.

Types of sanctions applicable under this regime:

• Asset freeze
• Trade
• Immigration

Documents

More information on asset freezes can be found in the Financial Sanctions General Guidance document.

More detailed information on the Treasury’s approach to compliance and enforcement can be found in the Sanctions Compliance Guide document.

Further information on exemptions and licensing grounds please see the Sanctions Licences page.