Venezuela moves to replace US executives on Citgo board | WHAT REALLY HAPPENED


Venezuela moves to replace US executives on Citgo board

Citgo is facing unprecedented challenges to its finances and management after the US government imposed sanctions.

Venezuela's state-run oil company Petroleos de Venezuela (PDVSA) is taking steps to remove at least two American executives from the board of directors of its United States's refining subsidiary, Citgo Petroleum Corp, according to people close to the matter.

Citgo is facing unprecedented challenges to its finances and management after the US government last week imposed tough sanctions on PDVSA designed to prevent oil revenue from going to leftist President Nicolas Maduro.

The US and dozens of other nations have refused to recognise Maduro, viewing his re-election last year to another six-year term as fraudulent.

Venezuelan's self-proclaimed president Juan Guaido is setting up bank accounts with US help that would take income accrued by Citgo, Venezuela's top foreign asset, to finance an interim government

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