The Treasury Department extended a moratorium on transactions on a bond issued by the U.S. arm of Venezuela’s PDVSA, Citgo, for another year in the latest move to shield the company from creditors trying to take it over. According to Bloomberg , this is the longest extension of the ban so far. AFP recalls that control of the U.S. business of PDVSA was handed over by the Trump administration to the Venezuelan opposition led by Juan Guaido in 2019 after a round of new sanctions against Caracas. It is as part of efforts to keep Citgo in Guaido’s hands that the ban on transactions was extended. The complicated situation that Citgo is in right now is a result of PDVSA using the U.S. business as collateral for a lot of loans. One such loan made Russia Rosneft, for example, eligible for effectively taking over Citgo if the debt was […]