financetom
Business
financetom
/
Business
/
Venezuela's government, opposition may cooperate to safeguard US assets
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Venezuela's government, opposition may cooperate to safeguard US assets
Apr 6, 2026 11:53 AM

* Government and opposition request 45-day pause in US

asset seizure case

* Venezuela seeks to protect assets like Citgo from

creditors

* Judge requests update on legal representation for

Venezuela by May 21

By Luc Cohen

NEW YORK, April 6 (Reuters) - Venezuela's government and

its political opposition are seeking to coordinate their legal

defense of the oil-rich country's United States assets, after

Washington's official recognition of interim President Delcy

Rodriguez raised questions about who could represent the country

in U.S. courts.

Lawyers for Rodriguez's government and the opposition asked

Manhattan-based U.S. Magistrate Judge Sarah Netburn on Monday to

pause for 45 days a case in which creditors are seeking to seize

funds linked to state oil company Petroleos de Venezuela

while they determined who would represent Venezuela's

interests.

The letter signaled potential cooperation between the

opposition and Rodriguez's government in the safeguarding of

U.S. assets including Houston-based oil refiner Citgo Petroleum

from creditors, including holders of debt issued by

PDVSA and Venezuela's government, companies whose Venezuelan

assets were expropriated, and victims of acts of alleged

terrorism.

Venezuela's information ministry, which handles media

requests on the government's behalf, did not immediately respond

to a request for comment.

Relations between the opposition and Venezuela's socialist

government have long been acrimonious. The opposition has

controlled U.S. assets including Citgo since 2019, when

Washington first imposed sanctions on PDVSA in a bid to pressure

now-jailed President Nicolas Maduro to leave office.

Washington in March recognized Rodriguez as Venezuela's

leader, following the capture of Maduro by U.S. forces. She is

now preparing to take over the boards of PDVSA's U.S.

subsidiaries including Citgo, Reuters reported on April 1,

citing four people close to the preparations.

The U.S. recognition of Rodriguez's government prompted

Netburn to ask the parties to the lawsuit to clarify who had

authority to represent Venezuela in court.

Netburn on Monday granted the request to pause the case.

Lawyers for the government and opposition are expected to update

her on the selection of a lawyer to permanently represent

Venezuela's interests by May 21.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Copyright 2023-2026 - www.financetom.com All Rights Reserved