UK High Court says PDVSA can’t rely on US sanctions to suspend loan repayments

The English High Court has granted summary judgment to a Puerto Rican bank (BSJI) against Venezuela’s state-run oil company (PDVSA) to recover $48m including interest, and $38m pursuant to 2 credit agreements made in 2016 and 2017. The judgment is: Banco San Juan Internacional Inc v Petroleos De Venezuela SA [2020] EHWC 2937. The Court (in summary): Rejected PDVSA’s argument …