Jakob Heichele, Manuela Heimbeck

 OCTOBER 11, 2023

Lavinia Arpesella et al v. Venezuela: Complaint (‘$11M Bonds Default’)

Complaint by residents and citizens of Argentina, Germany, Italy, Switzerland, and United Kingdom in Lavinia Arpesella, Pietro Arpesella, Florian Markus Borck, Andreas Michael Boukai, Ermanno Cavara, Marco Cavara, Giancarlo Coiana, Anna Daniela Musiani, Jakob Heichele, Manuela Heimbeck, Massimo Mazzaccone, Juan Carlos Ozores, Hartmut W. Peters, Niccolo Portu, Antonella Raso, Josef Johann Schneider, Marleen Maria Schneider, Giovanni Todesco, Michael Zahn, and Sabine Zahn v. The Bolivarian Republic of Venezuela at the U.S. District Court for the Southern District of New York.

klage vs maduro-12-10-_2023_23-08-12.gif

 

US, Venezuela Near Deal on Sanctions Relief for Steps Toward Fair Elections Some individual sanctions on Maduro’s entourage to be lifted Release of dozens of political prisoners by Venezuela expected

 

US, Venezuela Near Deal on Sanctions Relief for Steps Toward Fair Elections

• Some individual sanctions on Maduro’s entourage to be lifted
• Release of dozens of political prisoners by Venezuela expected

Nicolas Maduro, Venezuela’s president, during an official event at Miraflores Palace in Caracas, on Aug. 16, 2023.Photographer: Carlos Becerra/Bloomberg

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By Jennifer Jacobs, Andreina Itriago Acosta, and Eric Martin

10. Oktober 2023 at 19:56 MESZ

The US and Venezuela are close to reaching an understanding that would bring limited sanctions relief in exchange for steps to ensure fair elections in the Latin American country next year, according to people familiar with the matter.

As part of the informal deal, the US would be willing to lift some oil and banking sanctions on Venezuela once Caracas announces measures to hold its presidential elections in a more democratic fashion, the people said. Those steps would include removing a ban on all opposition candidates to run for office.

Once those conditions are met, the US would be open to lifting penalties on both Venezuela’s central bank and the state-owned development bank, giving the administration of President Nicolas Maduro a path to reengage with financial institutions to recover at least $3 billion held in accounts in Europe, according to the people, who asked not to be identified discussing the fragile discussions.

Sanctions relief being considered by President Joe Biden’s administration would also extend to members of Maduro’s entourage, the people said, though it’s not expected to include prominent financiers such as Alex Saab, a top Maduro ally who has been imprisoned in the US since 2021.

Venezuela’s Information Ministry didn’t immediately respond to a request for comment.

In a step that could pave the way for relief from US sanctions, Venezuelan government representatives are expected to reach an agreement with opposition leaders on the election, the people said. They intend to close the agreement ahead of the Oct. 22 opposition primary elections, according to the people.

Ending the ban on opposition candidates, including frontrunner Maria Corina Machado, would clear the way for them to run in the 2024 election, according to the people. Candidates must still request removal of the restriction to Venezuela’s Supreme Court, a requirement that delayed the agreement for months as it’s seen as key to giving Machado a chance to win the vote.

Maduro has also agreed not to interfere with the opposition primaries later this month and to invite international observers to oversee the general election, as well as to release dozens of political prisoners from detention centers, which was a crucial point for Washington, according to one of the people.

Read more: Venezuelan Opposition Rejects Government Help With Primary Vote

A spokesperson for the White House National Security Council said that the US is ready to provide sanctions relief once Venezuela moves toward restoring democracy and holding fair elections. So far, the spokesperson said, Venezuela hasn’t taken those steps.

Maduro has sought for years to end US sanctions on the feeble Venezuelan economy to guarantee his regime the financing it needs to keep operations afloat. His government is in dire need of cash to potentially launch his third presidential campaign ahead of the 2024 vote.

At odds since socialist leader Hugo Chavez took power more than two decades ago, the US and Venezuela have showed recent signs of rapprochement.

This month, the Biden administration said it would resume repatriation flights of Venezuelan migrants who enter the US illegally, with Caracas saying it would accept the return of its citizens for the first time in years.

Maduro, for his part, cleared the way for the recently appointed Venezuelan electoral body to register new voters ahead of next year’s elections.

MLIV Pulse survey

The U.S. House of Representatives approved the allocation of USD 300m to Ukraine. The House of Representatives of the US Congress late Thursday voted to allocate USD 300m military aid to support Ukraine. These funds were excluded from the draft US defence budget and voted for their adoption separately. Republicans had won a close procedural vote earlier in the day to

 

Ukraine

The U.S. House of Representatives approved the allocation of USD 300m to Ukraine.

The House of Representatives of the US Congress late Thursday voted to allocate USD 300m military aid to support Ukraine. These funds were excluded from the draft US defence budget and voted for their adoption separately. Republicans had won a close procedural vote earlier in the day to separate the Ukraine aid from the Pentagon bill, a move meant to convince a handful of Republican holdouts. Although both projects have been approved, Democrats fear that the allocation of aid to Ukraine in a separate bill will be presented as weakening support of Ukraine. The USD 300m in question is unrelated to the USD 24bn in additional funding for Ukraine and related spending that the White House requested in August — which also sparked resistance from far-right Republicans.

Ukraine signed a USD 520m deal with the United States to strengthen its energy system.

Ukraine and the U.S. signed a memorandum of understanding on cooperation to ensure the stability of Ukraine's energy system totalling USD 522m, of which USD 422m in new energy assistance. The agreement provides for cooperation to rehabilitate of critical infrastructure, the introduction of distributed generation, the reform of the energy sector, and the facilitation of Ukraine's post-war transition to a low-carbon, competitive and EU-integrated energy economy.

IMF meets with the government officials in Ukraine.

IMF started meeting Ukrainian officials on Sunday to discuss policy goals and challenges as the fund has begun its second review of a USD 15.6bn multi-year Extended Fund Facility (EFF) for the country. The four-year programme for Kyiv is part of a USD 115bn global package to support the economy.

Ukraine benchmark 2028 bonds were one points weaker, GDP warrant due 2041 were two down on the week.

 

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1994, drei Jahre nach ihrer Unabhängigkeit, unterzeichnete die Ukraine, die über das drittgrößte Atomwaffenarsenal der Welt verfügte und mehr als 5.000 strategische und taktische Waffen besaß, den Vertrag über die Nichtverbreitung von Kernwaffen (NVV) und das Budapester Memorandum. Das Land erwartete im Gegenzug für die Verlagerung der Sprengköpfe nach Russland, das 20 Jahre später das Memorandum brutal verletzte und in die Ukraine einmarschierte, eine erweiterte Sicherheitsgarantie.

 +++ 21:55 Selenskyj: "Die Ukraine wird nie wieder mit ihrer Souveränität für illusorische Friedensversprechen bezahlen" +++

Der ukrainische Präsident Wolodymyr Selenskyj sagt in einer Ansprache zum Tag der Verteidiger, einem Feiertag zu Ehren der Veteranen und gefallenen Soldaten, dass die Ukraine nie wieder "mit der Zukunft ihrer Kinder, ihrer Souveränität und ihrem Willen für illusorische Friedensversprechen bezahlen" werde. "Die Ukraine hat historische Konsequenzen gezogen." 1994, drei Jahre nach ihrer Unabhängigkeit, unterzeichnete die Ukraine, die über das drittgrößte Atomwaffenarsenal der Welt verfügte und mehr als 5.000 strategische und taktische Waffen besaß, den Vertrag über die Nichtverbreitung von Kernwaffen (NVV) und das Budapester Memorandum. Das Land erwartete im Gegenzug für die Verlagerung der Sprengköpfe nach Russland, das 20 Jahre später das Memorandum brutal verletzte und in die Ukraine einmarschierte, eine erweiterte Sicherheitsgarantie.