however, because Maduro's government is not recognised by the U.S. Courts, and hence neither is any of its communications, creditors will not be able to rely only on this statement which has, in addition, not even been recognised by the National Assembly which is the only Venezuelan Government that U.S. courts recognise. With the disbandment of the interim presidency by the 2015 National Assembly, the situation in Venezuela has become even more complex. There is currently no legally recognised Venezuelan government to negotiate with bondholders. The National Assembly has not yet been deemed the holder of the presidency’s authorities, despite the U.S.’ assurance that it would continue to recognise the 2015 National Assembly as the last democratically elected institution in Venezuela. Without a successful precedent in the U.S. courts recognising the tolling agreement, bondholders will have to rely on the goodwill of a forthcoming new government in Venezuela, which is a risk they want to avoid. Because of the above uncertainties, there is a high likelihood of creditors filing claims against both Venezuela and PDVSA in the U.S. courts

 On 30thMarch 2023, the President of PDVSA announced that the statute of limitations on bonds issued by PDVSA, the state oil company, will be suspended, as stated on its website and official statement signed by the PDVSA President (attached in the email). PDVSA A separate announcement and statement from Venezuela’s Ministry of Finance was released as well, in reference to the Venezuela Sovereign bonds, officially decreed by the Ministry of Finance and Vice-President of Venezuela, also suspending the statute of limitations on bonds issued by the government of Venezuela (attached in the email). mppef.gob.ve What happens next? According to the above offers, this suspension will remain in effect for five years or until the U.S. government lifts economic sanctions that currently prevent debt restructuring. However, as pointed out in the above offer, the statute of limitations for some bonds is set to expire in October 2023 (6 years after Caracas stopped making payments on the debt). Fwd: Suspension of statute of limitations on bonds, 19th April, 2023.- Fwd: Suspension of statute of limitations on bonds, 19th April, 2023.  What is the next step for creditors? Bondholders now face the decision of either accepting the above offers or filing a lawsuit to protect their claims. The Venezuelan Government’s offer, known as a tolling agreement, aims to provide more time for the government and creditors to work on a potential restructuring; however, because Maduro's government is not recognised by the U.S. Courts, and hence neither is any of its communications, creditors will not be able to rely only on this statement which has, in addition, not even been recognised by the National Assembly which is the only Venezuelan Government that U.S. courts recognise. With the disbandment of the interim presidency by the 2015 National Assembly, the situation in Venezuela has become even more complex. There is currently no legally recognised Venezuelan government to negotiate with bondholders. The National Assembly has not yet been deemed the holder of the presidency’s authorities, despite the U.S.’ assurance that it would continue to recognise the 2015 National Assembly as the last democratically elected institution in Venezuela. Without a successful precedent in the U.S. courts recognising the tolling agreement, bondholders will have to rely on the goodwill of a forthcoming new government in Venezuela, which is a risk they want to avoid. Because of the above uncertainties, there is a high likelihood of creditors filing claims against both Venezuela and PDVSA in the U.S. courts. If you would like to hear more about CANAIMA and what we can do for Venezuelan and PDVSA creditors, please do not hesitate to contact us.