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The continually escalating U.S. sanctions on Venezuela have created problems for more than just the country's president and his inner circle. They are creating "new compliance risks for U.S. and international financial institutions," the Wall Street Journal's Mengqi Sun writes.

Why it matters: Venezuela's state oil company, PDVSA, which has been the target of some sanctions, has many subsidiaries and outsources much of its business to third-party vendors. That means banks are picking over transactions and potential customers with a fine-tooth comb, said Daniel Gutierrez, who chairs the anti-money-laundering compliance committee at the Florida International Bankers Association.

  • Banks are responsible for vetting their customers to ensure they don't have relationships with people or companies on the sanctions list and to flag and block questionable transactions.

The big picture: "The question the industry has is how far down that outsourcing chain do I have to go to determine if I have a sanction on Venezuela or not," Gutierrez said.

  • The deep connections between the U.S. and Venezuela in the oil industry goes much deeper than simply paying for gas. The sanctions can affect automobile and heavy machinery manufacturing, as well as elements of insurance and finance, said Cari Stinebower, a sanctions lawyer at Crowell & Moring LLP, tells WSJ.
  • "Anyone that touches the petroleum industry is affected by the sanctions, " Stinebower said.

Go deeper: U.S. sanctions Venezuela's state oil company in push for regime change

Go deeper

Ohio sues Biden admin over reversal of Trump-era abortion referral ban

Ohio Attorney General Dave Yost. Photo: Justin Merriman/Getty Images

Ohio Attorney General Dave Yost filed a lawsuit against the Biden administration Monday over a Trump-era ban on abortion referrals that President Biden overturned earlier this month.

The big picture: The lawsuit aims to reinstate two measures included in the 2019 legislation that required federally funded family planning clinics to be "financially independent of abortion clinics," and refrain from referring patients for abortions.

Oklahoma Supreme Court temporarily blocks abortion restrictions

A pro-choice activist demonstrates outside the U.S. Supreme Court on Oct. 4, 2021. Photo: Stefani Reynolds/Bloomberg via Getty Images

The Oklahoma Supreme Court on Monday temporarily blocked three abortion restrictions set to take effect on Nov. 1.

Why it matters: The laws would place new limits on medication-induced abortions and require doctors who perform abortions to attain board certification in obstetrics and gynecology.

U.S. freezes aid to Sudan over military coup

Protesting the coup in Khartoum. Photo: AFP via Getty

The Biden administration has frozen a $700 million aid package to Sudan after a military coup on Monday threatened to end the country's transition toward democracy.

Driving the news: At least three protesters have been killed and dozens wounded in the chaotic scenes that followed the announcements from Gen. Abdel Fattah al-Burhan, the head of Sudan's ruling council, dissolving the government and declaring a state of emergency.