US Appeals Court holds it lacks jurisdiction to quash conditional execution measures authorised by District Court against Venezuela’s “Most Important US Asset”

In a judgment delivered on 18 January 2022, the United States Court of Appeals for the Third Circuit (“the Third Circuit Appeals Court”) in Crystallex International Corporation v Bolivarian Republic of Venezuela decided that it lacked jurisdiction over two interlocutory District Court decisions in the ongoing execution proceedings brought by Crystallex against Petróleos de Venezuela, S.A. (“PDVSA”).