PDVSA Says US Sanctions Bar £29M Loan Repayment

Law360, London (October 7, 2020, 4:22 PM BST) -- Petróleos De Venezuela SA has hit back at a lawsuit filed by a Puerto Rican bank seeking to recoup £29.2 million ($37.6 million) in unpaid loans, telling a London court that U.S. sanctions prevent the state-run oil company from repaying the lender.

Lawyers say the U.S. government's decision to place the oil company on its sanctions list stops the Venezuelan industry moving money through America's monetary system. (AP Photo/Fernando Llano) The U.S. government's decision to place PDVSA on its sanctions list prevents Venezuela's oil sector from moving money through America's monetary system, which extends to territories such as Puerto Rico, counsel for...

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