Venezuelan state-owner airline Conviasa was sanctioned by the U.S Treasury Department’s Office of Foreign Assets Control (OFAC) February 7th. This time, forty planes are on the sanctions list, including Maduro’s three official-use planes.
However, vice-president Tareck El Aissami said, despite the sanctions, Conviasa would continue operating normally. He also added the intention to denounce the U.S measures to the United Nations and other international organizations.
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Sanctions do not prevent Venezuelans from flying in Conviasa, but U.S citizens and companies cannot have any kind of relationship with the carrier. So, if a sanctioned airline keeps on flying, this is what may happen:
• Even companies that only have operations in the US (insurance companies, or aircraft maintenance firms) are prevented from any dealings with Conviasa.
• Conviasa will need approval from destination countries before flying there.
• Companies can stop working with Conviasa to avoid additional OFAC sanctions.
• Companies that decide to keep working with Conviasa can be fined and its principals jailed or both.
• The impact on Conviasa’s reputation is severe. Reputation is extremely important for a commercial airline, which Conviasa still is.
• British bank Barclays has been fined for millions of U.S dollars after violating sanctions.
• Companies can negotiate their fines. However, most unknown the complete scenario and just stop doing business with the sanctioned airline.