It is not a USd 1 billion, unfortunately.

Actually, the original amount in the BNY account was USD 350 million, and the remaining balance of the frozen funds was declared to be around $30 million by the Venezuelan Ministry of Defence. The shipbuilder collected the difference and the balance represents charges Venezuela considers "unacceptable" based on the original frigate reburbishment contract.

However, Euroclear, the European bond clearing house froze $730 million of Venezuelan cash funds when the EU initiated economic sanctions against Venezuela, following similar sanctions imosed by the US. Since Euroclear has operations in NY City, is is subject to attachment orders by NY courts, based on KOEHLER v. BANK OF BERMUDA LIMITED.

God only knows why Crystallex has not pursued this attachment "yesterday". Sooner than Later Rusoro will go for these funds and leave Crystallex empty-handed.