Archives: Venezuela

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US government sanctions Petróleos de Venezuela, authorizes US persons to engage in certain limited transactions

By: Ignacio E. Sanchez and Melanie Garcia The United States government has issued new sanctions in response to the growing unrest in Venezuela. On January 23, the United States recognized Juan Guaido as the new interim President of Venezuela. Nonetheless, Nicolas Maduro has refused to step down. US Secretary of State Mike Pompeo stated that … Continue Reading

$1.2B order entered against Petroleos de Venezuela: Q&As for PDVSA and Citgo commodity commercial and trading counterparties

By:  Robert J. Gruendel, Mark A. Waite, Deanna R. Reitman   The United States District Court for the District of Delaware has issued an order and supporting lengthy opinion allowing a judgment creditor holding a $1.2 billion judgment against the Bolivarian Republic of Venezuela to attach common stock owned by Petróleos de Venezuela, S.A. (PDVSA), the national … Continue Reading

Investment Protection in Latin America: Mexico Takes One Step Forward, Venezuela Takes Two Steps Back

Mexico has signed the Convention on the Settlement of Investment Disputes between States and National of other States, better known as the Washington Convention or theICSID Convention. This important development is expected to make Mexico considerably more attractive for foreign investors. In contrast, the Venezuela National Constitutional Assembly, which was formed in mid-2017 – many … Continue Reading

Looming Crisis in Venezuela

Authored by The Cohen Group On July 26, the Department of Treasury’s Office of Foreign Assets Control (OFAC) designated 13 current and former Venezuelan government officials, including: Elias Jaua, former foreign minister; Tibisay Lucena, president of the National Electoral Council; and Simon Zerpa, vice president of finance of state oil producer PDVSA. The sanctions are … Continue Reading
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