Guaidó thanks the US for extending protection to Citgo from its creditors

Caracas, Jan 20 (Latest) .- Venezuelan opposition leader Juan Guaidó thanked the United States government this Thursday for the one-year extension of protection to the Citgo company, owned by the state-owned Petróleos de Venezuela (PDVSA), against to your creditors.

“The ratification of the National Assembly (AN, Parliament) and the interim government was a fundamental step to maintain the protection of Venezuela’s assets abroad. We thank the Government of the United States for this significant action in defense of a possible future for Venezuelans,” Guaidó wrote on his Twitter account.

On January 4, the so-called unitary platform of the opposition agreed to support an extension, until December 31, 2022, to the “interim presidency” of Guaidó, which he has held since January 2019, when he was a deputy of the AN, and which has been recognized by a group of countries, such as the United States and Colombia.

This recognition has served him to manage Venezuelan companies abroad such as Citgo.

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The director of the Office of Asset Control of the United States Treasury, Andrea Gacki, today issued a notification authorizing the extension until January 20, 2023 of the license that prohibits holders of the PDVSA 2020 bond from executing the guarantee. which gives them the majority shareholding, protecting Citgo.

This measure has been extended several times, although until now they had been extensions for a shorter period of three months.

Specifically, the Treasury license prohibits transactions with the PDVSA 2020 bond, which is in default and has 51.1% of Citgo shares as collateral, until January 20, 2023.

In October 2019, the interest payment of the 2020 bond of Petróleos de Venezuela for 913 million was due.

If the Venezuelan government did not comply with the payment, the holders had the right to assume 51% of the shares of Citgo, which are the guarantee of the issue.

Despite the restrictions represented by the US sanctions on Venezuela, the holders of the PDVSA 2020 bond, among which is the Russian state company Rosneft, will be able to execute the guarantee thanks to this license granted by the Treasury Department.

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To avoid this, the government of former President Donald Trump (2017-2021) and that of his successor, Joe Biden, have issued successive extensions since October 2019.

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