US Treasury blocks Citgo board changes
The Treasury barred Venezuela's attempt to reshuffle Citgo's management, saying the step protects sanctions oversight and U.S. creditors, officials said.
Mateo Fernandez ·
The US Treasury blocked Venezuela's bid to replace Citgo's board on September 14, curbing Caracas's ability to install new management at the U.S. refining unit, officials said.
Reaction pending.
Treasury cites sanctions oversight
Officials framed the move as a way to preserve the status quo while regulators review whether the proposed changes would circumvent existing restrictions. They said the order prevents transfers of control that could complicate ongoing legal and financial claims connected to the asset.
Implications for Caracas and creditors
Officials said the department will review related license requests and filings through September 21, 2026, and that further administrative steps could follow depending on those reviews.
Officials said the department issued an order preventing the management changes after receiving filings this month that sought to alter Citgo's governance. The action, the officials said, reflects the Treasury's role in enforcing sanctions and protecting creditor interests tied to the company.
Officials said the block limits Caracas's ability to use Citgo as leverage in debt or restructuring talks and maintains U.S. oversight of a key energy asset. They added that the decision aims to protect parties with claims under U.S. jurisdiction and to keep sanctions policy intact.