Dresser-Rand Company v. Petroleos De Venezuela, S.A. (1:19-cv-02689, dkt. 150) (SDNY, 2021)

Date issued: Dec. 08 2021

Last substantive commentary amendment:
Feb. 02 2024

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TURBOFAC Commentary (1111 words)

Notes:

1) Dresser-Rand Company v. Petroleos De Venezuela, S.A.was not a litigation involving OFAC, but the district court’s dispositive opinion is notable as the case turned on the precise meaning of an OFAC-issued FAQ.

As relayed in the opinion, the case deals primarily with the meaning of the term “new debt,” as that term appears in section 1(a)(i) of EO 13808 in the context of a prohibition against dealings in “new debt” of PDVSA, and OFAC’s FAQ # 553, which provides as follows:

OFAC does not consider debt that was created prior to August 25, 2017 to be "new debt" for purposes of E.O. 13808 so long as the terms of the debt instrument (including, for example, the length of the repayment period or any interest rate applied) agreed to by the parties do not change on or after...