Venezuelan Oil Giant CEO Lambasts US Over Attempts to Seize US-Based Subsidiary

Venezuelan Petroleum Minister Maj. Gen. and Chief of Venezuelan oil giant PDVSA Manuel Quevedo said on Twitter that "Citgo is not valued at $7 billion" except a situation when Interim President Juan Guaido and his "chargé d'affaires in Washington are trying to auction it as part of the payment".

Quevedo added that the United States had been trying to seize Citgo for many years, and called the blocking of PDVSA assets in the United States "a robbery" that is being accomplished with the help of the "treacherous action of the Venezuelan opposition".

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The statement comes after Venezuelan President Nicolas Maduro a day before accused the United States of attempting to "steal" Citgo and called the new US sanctions against PDVSA illegal. According to the president, Caracas will take measures to protect its property, including by filing lawsuits with US courts.

On 28 January, the United States blocked all PDVSA's assets under its jurisdiction and imposed a ban on deals with the company. US Treasury Secretary Steven Mnuchin told reporters that by blocking PDVSA's assets, the United States is taking this step in the interests of the people of Venezuela and also to protect its own market. US National Security Adviser John Bolton has announced that the United States will block $7 billion worth of PDVSA's assets, while another $11 billion will be lost in terms of oil deliveries.