By Caroline Simson (January 21, 2022, 8:17 PM EST) -- The Biden administration has barred the holders of some $1.9 billion in defaulted Venezuelan bonds from executing a sale of shares in Citgo's parent company held by the country's state-owned oil company until 2023.
The Department of the Treasury's Office of Foreign Assets Control issued a general license on Thursday and a related FAQ making clear that "transactions related to the sale or transfer of" the Citgo Holding Inc. shares, which are serving as collateral for the 2020 bondholders, "are prohibited" under U.S. sanctions on Venezuela until at least Jan. 20, 2023, "unless specifically authorized by OFAC."
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