bonospdvsa2020

📊 A ruling that reopens the Citgo case
The U.S. Court of Appeals for the Second Circuit, based in Manhattan, upheld the validity of Petróleos de Venezuela’s 2020 bonds, which have been in default for years. The court rejected the argument that the transaction required prior approval from Venezuela’s National Assembly, finding that the Constitution did not invalidate the issuance. This left in place the decision previously handed down by the U.S. District Court for the Southern District of New York.

The clock resets once again. The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has once more extended the protection preventing the forced sale of Citgo, Petróleos de Venezuela’s U.S. subsidiary, and set December 18 as the new deadline. This brings the total to 28 extensions approved since the original license—a figure that alone conveys the scale of the legal knot surrounding the most coveted asset in the dispute.