Next week, the World Trade Organization (“WTO”) will consider Venezuela’s request for the establishment of a panel to decide whether U.S. sanctions affecting Venezuela violate international trade law.
In December, Venezuela filed its second ever complaint at the World Trade Organization challenging U.S. sanctions. Specifically, Venezuela claimed that the U.S. imposed “coercive trade-restrictive measures” in an attempt to isolate Venezuela economically. These measures included “certain U.S. laws and regulations relating to goods of Venezuelan origin, the liquidity of Venezuelan public debt, transactions in Venezuelan digital currency, and the Specially Designated Nationals and Blocked Persons List [which] are inconsistent with the WTO’s General Agreement on Tariffs and Trade (GATT) 1994 and the General Agreement on Trade in Services (GATS),” according to a statement by the WTO. Continue Reading