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Could sanctions on Venezuela hurt U.S. business?

The U.S. House of Representatives passed sanctions against the government of Venezuela. LBC explores how it would affect business in the United States.

The U.S. House of Representatives approved targeted sanctions against key figures of the Venezuelan government, accusing them of human rights abuses in recent protests that rocked the country in which at least 42 people have died. The proposed sanctions would target key members of the Venezuelan government, freeze any assets they hold in U.S. banks, and ban them from travel to the United States.

The House vote followed a vote last week by the U.S. Senate Foreign Relations Committee, which approved them by a vote of 13-2; however, the bill has not been brought to the Senate floor, and many believe it is unlikely to be debated there. The Obama administration for its part has opposed sanctions against Venezuela, saying it would hamper dialogue between the government and opposition.

However, if the sanctions did pass, what effect could it potentially have for international business? Could there be reverberations across Latin America in general? Latin Business Chronicle spoke with Luis A. Perez,Co-Chair, Latin America & the Caribbean Practice at Akerman LLP to get his opinion and insight on what possible effects could be felt.

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