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Petroleos de Venezuela SA, the national oil conglomerate of Venezuela, has been hit with sanctions by the U.S. government. Photo by Shutterstock.com.

The sanctions imposed by the Trump administration last week on Venezuela’s national oil conglomerate, Petroleos de Venezuela SA, are expected to impact companies and institutions well beyond the borders of the U.S. and Venezuela.

“Anybody outside of the U.S. can be sanctioned because the U.S. can take the view that it’s supporting the [PDVSA],” said Sanjay Mullick, international trade and national security partner at Kirkland & Ellis. “It indicates that the U.S. seeks to apply these sanctions extraterritorialily.”

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