Confiscated

U.S. Court Rejects Former Rosneft CEO’s Attempt to Reclaim Confiscated Yacht

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A U.S. court has rejected a request by the former head of Russian state oil giant Rosneft, Igor Sechin, to reclaim a luxury yacht that had been seized as part of international sanctions. The vessel, known as the Amore Vero, was confiscated in France earlier this year. Sechin, who has close ties to Russian President Vladimir Putin, is on the European Union’s sanctions list, a measure prompted by Russia’s military actions in Ukraine. The seizing of assets belonging to individuals on this list aims at exerting economic pressure on Russia to halt its aggressive maneuvers. … Read more

Landmark Decision: Citgo Wins $49 Million in Insurance Dispute over Confiscated Venezuelan Oil

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Houston, Texas – A US jury recently awarded Citgo $49 million in an insurance dispute over Venezuelan oil that was seized by the government. The ruling comes as a significant victory for the oil company, providing some relief in the ongoing legal battle. The dispute began in 2017 when Citgo’s parent company, PDVSA, used the oil as collateral for a loan from Russian bank Rosneft. However, the US government imposed sanctions on Venezuela, effectively blocking the transfer of the oil, which was stored in Curacao at the time. As a result, Citgo turned to its … Read more