Portugal rules in favor of Venezuela in case of money withheld at Novo Banco

This Wednesday, the Court of Justice of Lisbon, Portugal, issued a ruling in favor of Venezuela in the case of the 1,500 million dollars that remained withheld at Novo Banco.

The Portuguese entity had withheld the funds in 2019, “after the United States Department of the Treasury announced in January of that year that it would impose sanctions on the PDVSA oil company.”

Consequently, 7,000 million dollars were frozen, as well as all the payments that had to be made to the United States companies that bought Venezuelan oil through Citgo, a subsidiary of PDVSA.

Now, after the court’s ruling, the Portuguese government will have to make the payment “of the final balance on the date of cancellation of the contracts and late-payment interest.”

The Venezuelan government was pleased to hear the news and indicated that it is a victory for the people. The money recovered will be available for social investment.

However, according to statements by former National Assembly deputy Carlos Paparoni, Maduro will not have access to the funds unfrozen by Portugal, given that they are under US Treasury measures. The Vice Minister of Anti-Blockade Policies of the Ministry of Economy and Finance, William Castillo, confirmed this information on his account on the X social network.

For his part, the candidate for the opposition primaries, Henrique Capriles, called on all unions and workers’ unions in the country for the money to be allocated to a $150 bonus for pensioners and public sector workers.

M.Pino

With information from national and international media, agencies and social networks

(Reference image source: X, @NoticiasCanaLi_)

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