New Venezuela sanctions protect Citgo, encourage debt talks: opposition

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New Venezuela sanctions protect Citgo, encourage debt talks: opposition
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Venezuela's opposition on Tuesday celebrated a sweeping U.S. sanctions orde...

CARACAS - Venezuela’s opposition on Tuesday celebrated a sweeping U.S. sanctions order against the government of President Nicolas Maduro, saying the measure would protect Venezuela-owned U.S.-based refiner Citgo from seizure by creditors.

Washington on Monday announced a freeze on all Venezuelan government assets in the United States, escalating an economic and diplomatic pressure campaign aimed at removing the socialist president. The United States and most Western nations have recognized Guaido as Venezuela’s legitimate leader, arguing Maduro’s 2018 re-election was illegitimate. Maduro calls Guaido a U.S.-backed puppet, and his foreign ministry said the new U.S. measure formalizes a “blockade.”

An exemption to the sanctions published by the Treasury Department on Tuesday authorized U.S. persons to engage in transactions with anyone appointed by Guaido to lead a Venezuelan state-owned entity. Two members of Guaido’s team, including his chief overseas legal representative, Jose Ignacio Hernandez, said that paved the way to talks with bondholders.

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