Venezuelans to Opine About Bill to Protect Assets Abroad

On Friday, Venezuela's National Assembly President Jorge Rodriguez called for a public consultation of the "Bill for the Protection of the Republic's Assets, Rights and Interests Abroad."

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This consultation process will involve law students and teachers, members of the Communal Parliament, heads of parliamentary blocs in each State, and representatives of justice and security institutions.

In the next two months, a parliamentary commission will collect the society's proposals and recommendations to improve the bill before its second plenary discussion.

This commission will be made up of Diosdado Cabello and other legislators from the permanent commissions on Economy, Finance & National Development, Foreign Policy, and Sovereignty & Integration.

During a first plenary discussion held on May 2, the National Assembly unanimously approved the bill that aims to protect Venezuelan assets, rights, and interests abroad.

This legal initiative arose in response to a recent decision by the U.S. Treasury Department's Office of Foreign Assets Control (OFAC), which intends to strip Venezuela of CITGO.

Valued at US$13 billion, this U.S.-based company is a subsidiary of the state-owned Petroleos de Venezuela (PDVSA). However, the U.S. arbitrarily handed over the company to Venezuelan opposition politicians, who could use an OFAC permit to auction off CITGO assets.