The Department of the Treasury of the United States again extended this Tuesday 6-O a measure that prohibits the creditors of the state-owned Petróleos de Venezuela from seizing shares of its US subsidiary, the refiner Citgo.
PDVSA used half of Citgo’s shares as collateral for the 2020 bonds, and is now in default. Since 2019, the refiner has been under the control of the Venezuelan opposition, after Washington increased sanctions against PDVSA in order to pressure the departure of President Nicolás Maduro.
The measure extends the ban on bondholders from attempting to repossess Citgo until January 19, 2021, the day before the US presidential inauguration. Donald Trump, a Republican who has taken a hard line against Maduro, faces Democratic challenger Joe Biden in the Nov. 3 vote.
A previous measure that protected Citgo was set to expire on October 20.