Overview
On Monday, 14 September 2026, the U.S. Treasury Department amended the existing Venezuela sanctions license to block any unauthorized governance changes at Citgo Petroleum and its U.S. parent companies, PDV Holding and Citgo Holding. The amendment, issued by the Treasury’s Office of Foreign Assets Control (OFAC), expressly prohibits the appointment, removal or replacement of any director, officer or other corporate‑governance official at these entities.
Context
Venezuela’s interim President, Delcy Rodriguez, has spent 2026 seeking to regain control of the country’s overseas assets, including replacing law firms that represent the Venezuelan state in foreign court proceedings. This effort follows Washington’s formal recognition of her interim government.
Citgo Governance Background
Citgo’s current board of directors was appointed after the opposition‑led National Assembly in Venezuela severed the refiner’s ties with its ultimate parent, Petróleos de Venezuela, S.A. (PDVSA), in 2019. The board has not undergone major changes in recent months, but the opposition‑controlled entities that currently supervise Citgo are expected to cease their supervisory role in the near term.