International Trade Law News

The U.S. Department of State today designated Venezuela as a country that is "not fully cooperating [NFC] with U.S. antiterrorism efforts." As a result of the NFC designation, which was made pursuant to section 40A of the Arms Export Control Act (22 U.S.C. section 2781), the U.S. will no longer permit the sale or licensing of defense articles and services to Venezuela. In addition, amendments to existing foreign military sales cases will not be allowed for Venezuela. Under U.S. law, the President is authorized to waive the prohibitions on export licensing for a specific transaction if the President determines that the transaction is important to the national interests of the United States.