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Oil grab: US moves against Venezuela's CITGO
The nation’s seized oil company is at risk of an immediate break-up — part of the US-led campaign of subversion to topple the legitimate government, writes TIM YOUNG of the Venezuela Solidarity Campaign
NATIONAL TREASURE: A marcher carries a tribute to ‘Super Moustache’ Nicolas Maduro, protected by a shield bearing the name of Pequiven, the nationalised petrochemical company

VENEZUELA’S most prized and lucrative foreign asset, the US-based oil subsidiary CITGO, is on the brink of being broken up to satisfy creditors against the Venezuelan state. The move is part and parcel of the US government’s drive to destroy its economy and bring about regime change in the country.

In pursuit of this goal, the US government has since 2017 imposed crushing economic and trade sanctions on Venezuela, including an oil embargo, a blanket ban on all dealings with Caracas, secondary sanctions and freezing or seizing a number of Venezuelan assets abroad.

The illegal sanctions have resulted in losses of $150 billion to the country, while around $11bn in deposits in banks and funds abroad have been seized or frozen, including $1.2bn gold deposits in the Bank of England.

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