Source: Wikimedia
Venezuela’s state-owned oil company is urging a New York court to find it was unable to repay $150 million owed to Dresser-Rand under a defaulted bond in an upcoming trial due to U. S. sanctions, while the engineering company accused the oil company of ignoring several viable payment alternatives. As the parties gear up for a bench trial expected to be held on this issue later this year, Petróleos de Venezuela SA urged the court in a pretrial brief Monday to conclude that U. S. sanctions placed on Venezuela in August 2017 made it impossible for it to make payments to Dresser-Rand. Full Text -> Law360
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