As previously reported on this blog, the issue of payment of fees related to trademark applications/registrations in Venezuela is currently in a state of flux. Specifically, given the current U.S. sanctions generally forbidding U.S. corporations from transacting business with the Venezuelan government, it has been difficult for these U.S. entities to pay fees associated with their Venezuelan trademark applications/registrations. As a result, the Venezuelan Patent and Trademark Office (VPTO) recently pushed back all renewal deadlines from February 2, 2018 until May 23, 2019 (although there is a currently pending petition to extend that deadline). Further, the VPTO has stated that it will allow for payment in dollars or euros (cash only) into the VPTO accounts at the Banco Del Tesoro. The VPTO and several trademark experts in Venezuela believe these payments should not be subject to current US sanctions as the Banco Del Tesoro has not been designated as an entity whose property and interests in property are blocked by the US Office of Foreign Assets Control. Please note, however, that as of now, the US government has not taken an official position as to this proposed workaround. We will continue to keep you informed of further developments in this area.
- How-to guide How-to guide: How to ensure sanctions screening and sanctions due diligence is effective (USA)
- How-to guide How-to guide: How to identify relevant sanctions regimes and deal with conflicting obligations (USA)
- How-to guide How-to guide: How to draft a competition law compliance programme (UK)