US Won't OK Crystallex Bid Seeking Sale Of Citgo Shares Yet

By Caroline Simson (September 15, 2021, 9:55 PM EDT) -- The Biden administration has denied Crystallex a license allowing the sale of shares in Citgo's parent company held by Venezuela's state-owned oil company to enforce a $1.2 billion arbitral against the country, though it left the door open for the Canadian mining company to reapply in a few months.

The Department of the Treasury's Office of Foreign Assets Control said in a letter issued to the company on Friday that continuing to block the sale for now is "particularly important" and that it would be inconsistent with U.S. foreign policy interests to authorize the sale of the PDV Holding Inc. shares...

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