Considering The Impact Of Sanctions On PDVSA

Law360, New York (December 14, 2011, 12:48 PM EST) -- On May 24, 2011, the United States secretary of state imposed sanctions on seven companies under the Iran Sanctions Act (ISA) of 1996, as amended by the Comprehensive Iran Sanctions, Accountability and Divestment Act (CISADA) of 2010, for their activities in support of Iran's energy sector. One such company was Petroleos de Venezuela (PDVSA), Venezuela’s national oil company.

The ISA and the CISADA in a Nutshell

The ISA (originally called the Iran-Libya Sanctions Act) was enacted in 1996 as a response to Iran’s support of Hizbollah,...
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