economy and politics

US Treasury extends Citgo’s protection from creditors for three months

US Treasury extends Citgo's protection from creditors for three months

The US Treasury Department’s Office of Foreign Assets Control on Tuesday extended for three months a license that protects Venezuela-owned refiner Citgo Petroleum from creditors trying to seize assets to collect on unpaid debts.

“Transactions related to the sale or transfer of Citgo shares in connection with the 8.5% PDVSA 2020 bond are prohibited, unless specifically authorized by OFAC,” reported the office on their website.

OFAC also said that in the event of any agreement on proposals to restructure or refinance payments due to holders of the PDVSA 2020 bond, additional licensing requirements may apply.

“OFAC would encourage parties to apply for a specific license and would have a favorable license policy toward such an agreement,” it added.

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