The U.S. Department of Justice’s ongoing investigation into Petróleos de Venezuela SA (PDVSA) has made dealing with the entities and individuals connected to the Venezuelan state incredibly complicated and fraught. Understanding these risks, and remaining compliant, necessitates an understanding of the PDVSA investigation and requires an active and supple compliance program. In a guest article, Ropes & Gray partners Nicholas H. Berg and María González Calvet, and associates Natalia Mercado Violand and Mark H. de Barros examine how international cooperation is affecting the PDVSA investigation and provide guidance for companies about addressing the risks associated with operating in Venezuela. See “Firing on All Cylinders: U.S. Enforcement Efforts Against Venezuela State-Owned Oil Company PDVSA” (Apr. 17, 2019).