On January 28, the United States blocked $7 billion in PDVSA assets in its jurisdiction and imposed a ban on deals with the entity as part of efforts to facilitate a power transfer in Venezuela.
The United States has extended the deadline for investors to cut ties with Venezuela’s Petroleos de Venezuela, S.A. (PDVSA) until May 10, the Treasury Department’s Office of Foreign Assets Control (OFAC) said in a notice on its website on Friday.
Earlier, US Treasury Secretary Steven Mnuchin, emphasized that by blocking PDVSA assets, the United States was preserving the assets of the company in the interests of the people of Venezuela and also protecting its own market. Venezuela has blasted the move as unlawful and accused Washington of seeking to get its hands on Venezuelan oil reserves.