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The United States banned PDVSA 2020 creditors from taking shares in Citgo, a corporation controlled by opposition politician Juan Guaido. The Venezuelan oil company cannot recover its subsidiary's assets in the U.S.
New York Court Tuesday accepted a request from the Venezuelan opposition to protect Citgo Petroleum Corporation, a decision that shows Washington's support for Juan Guaido.
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Citgo is a subsidiary of the state-owned Oil of Venezuela (PDVSA) and the leading supplier of gasoline, lubricants, and petrochemicals in the U.S.
U.S. Judge Katherine Polk Failla ruled in favor of the measure that bars Bono PDVSA 2020 creditors from taking shares in Citgo, a corporation controlled by Guaido.
This decision implies that PDVSA cannot recover the Venezuelan assets stolen by Guaido's alleged "Interim government."
The suspension measure was requested by the Ad-Hoc Administrative Board, formed by outgoing Venezuela's National Assembly, currently in contempt.
PDVSA 2020 bonds (including contracts, commitments, associated documents, and obligations) "are invalid, illegal, null, and void," the Board stated then.
They steal the Citgo assets, they freeze over $5 billion of our money in US banks, they block our oil production and exports, but they present themselves as charitable and concerned. That promise of resources is just another #fake one by @SecPompeo #SanctionsAreACrime https://t.co/AsAPqThxS7
— Jorge Arreaza M (@jaarreaza) September 20, 2020
This Tuesday, Guaido's delegate in the U.S., Carlos Vecchio, celebrated the ruling in favor of Venezuela's opposition.
"We have done, and we will continue to do, everything to protect and preserve Citgo for Venezuelans," Vecchio tweeted.
However, Venezuela's legitimate government proved how Guaido was diverting resources from Citgo to enrich himself and finance terrorism against the Latin American country.
"We never imagined that those resources from Citgo, destined to improve Venezuela's health care system, were going to be diverted to finance political parties and opposition conspiracies," Foreign Affairs Minister Jorge Arreaza explained.
In August, the U.S. Department of Treasury extended the license protecting Citgo from any action by PDVSA bondholders until July 2021. The permit was scheduled to expire on January 19, one day before U.S. President-elect Joe Biden replaces Donald Trump at the White House.
"They steal the Citgo assets, they freeze over US$5 billion of our money in U.S. banks, they block our oil production and exports... But they, however, present themselves as charitable and concerned government," Arreaza tweeted two months ago, alluding to Trump's desperate attempts to stifle Venezuelan people.
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