Back in January, the United States blocked $7 billion in PDVSA assets in its jurisdiction and imposed a ban on deals with the entity as part of efforts to facilitate a power transfer in the crisis-torn country.
US Treasury Secretary Steven Mnuchin said that by blocking PDVSA assets, the United States was taking care of this company in the interests of the Venezuelan people. Caracas has slammed the move as unlawful and accused Washington of seeking to get its hands on Venezuelan oil reserves.
In February, the US office of Guaido, who illegally proclaimed himself interim president of Venezuela in January and was swiftly recognized by Washington, announced CITGO's new board of directors. PDVSA called the appointment an attempt to "steal the wealth of the people", while Venezuelan President Nicolas Maduro promised to bring to trial those who would recognize the new appointments.
The US Treasury Depatment also made the designations to target Venezuela’s gold operations that support the Maduro government in late March, imposing sanctions n Venezuela's state-run Minerven mining company.
Russia, China, Turkey, Bolivia have been among the states that backed constitutionally elected Maduro as the only legitimate president of the country amid the ongoing political crisis.
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