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Foley & Lardner LLP partner Teresa Taylor was quoted in the Compliance Week article, “Oil and gas executives mull the real costs of Venezuelan oil,” detailing how U.S. oil and gas companies are considering renewed operations in Venezuela.
“It’s going to require careful planning,” she said. “Sanctions are going to come into play at every level, even concerning infrastructure repairs. Any activity must fit squarely within OFAC licenses.”
Taylor highlighted that sanctions, supply chain, and due diligence considerations extend well beyond Venezuela, especially since its major trading partners — China, Russia, and Iran — are all subject to U.S.-imposed sanctions and are heavily involved in shadow shipping operations designed to evade compliance obligations.
“It’s a global compliance issue, certainly not just a regional one,” she stressed.
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