"Between October 24, 2019 and October 20, 2020… during such period, transactions related to the sale or transfer of CITGO shares in connection with the PDVSA 2020 8.5 percent bond are prohibited, unless specifically authorized by OFAC," the notice said, referring to the Treasury Department's Office of Foreign Assets Control.
PDVSA defaulted on an 8.5 percent bond that had been secured with a majority stake in CITGO, a US-based refiner and seller of gasoline and other petroleum products, prompting Treasury to impose sanctions that block bondholders from gaining majority ownership of CITGO.
With the sanctions set to expire this month, the Treasury Department's Wednesday notice extended the prohibition until October 20.
Venezuelan President Nicholas Maduro, which the United States has sought to remove from office, claims Washington is trying to steal CITGO.
