Citi blocked PDVSA attempt to pay Siemens, executive says at trial, according to Reuters

From Reuters:

NEW YORK (Reuters) – Citigroup Inc blocked an attempt by Venezuelan state oil company PDVSA to make debt payments to a Siemens unit, a Citi executive testified on Wednesday in a U.S. trial over whether PDVSA is liable for the payments.

In a bench trial that began on Tuesday in Manhattan federal court, PDVSA is contending that U.S. sanctions implemented in August 2017 rendered payment impossible.

The dispute stems from a January 2017 promissory note that cash-strapped PDVSA issued to oilfield equipment provider Dresser-Rand for $120 million, plus interest. PDVSA made the first two interest payments for about $4 million, but defaulted on a $1.9 million payment due in October 2017.

In May 2020, U.S. District Judge Louis Stanton of the U.S. District Court for the Southern District of New York entered a $149.5 million judgment in Dresser-Rand’s favor.

Continue reading Citi blocked PDVSA attempt to pay Siemens, executive says at trial on Reuters

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