Following on from a meeting of the EU Foreign Affairs Council (“FAC“) yesterday, at which the FAC unanimously agreed to impose restrictive measures on Venezuela, the EU has today published Council Decision 2017/2074 and Council Regulation (EU) 2017/2063 (together, the “Legislation“). The Legislation prescribes targeted sanctions against Venezuela, including an arms embargo, with immediate effect.
The Legislation has been formulated in response to the continuing crisis in Venezuela and the perceived deterioration of democracy, the rule of law and human rights. In particular, the EU has expressed concern over the opaque and irregular election by which the Constituent Assembly was elected, and reported violations of human rights and fundamental freedoms. The EU therefore views the Legislation as a justified tool to help foster a credible and peaceful negotiated solution.