Clifford Chance

New US Sanctions Against PDVSA

25 May 2011

Yesterday, the US Department of State ("State") imposed sanctions on Petróleos de Venezuela S.A. ("PDVSA") under the Iran Sanctions Act, as amended by the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 ("CISADA"). Although State has now imposed CISADA sanctions on a total of nine firms, the only target of any financial or economic significance to the US and world economy is PDVSA.

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