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US sanctions against Venezuela

The Venezuelan People Stay With The Bolivarian Revolution

July 31, 2024 Vijay Prashad, People's Dispatch. , , , , , , ,
On July 28, the 70th birthday of Hugo Chávez (1954-2013), Nicolás Maduro Moros won the Venezuelan presidential election, the fifth since the Bolivarian Constitution was ratified in 1999. In January 2025, Maduro will start his third six-year term as president. He took over the reins of the Bolivarian Revolution after the death of Chávez from pelvic cancer in 2013. Since the death of Chávez, Maduro has faced several challenges: to build his own legitimacy as president in the place of a charismatic man who came to define the Bolivarian Revolution; to tackle the collapse of oil prices in mid-2014, which negatively impacted Venezuela’s state revenues (over 90% of which was from oil exports); and to manage a response to the unilateral, illegal sanctions deepened on Venezuela by the United States as oil prices declined.

Venezuela Edges Closer To Losing CITGO As Corporations Submit Offers

June 21, 2024 Ricardo Vaz, People's Dispatch. , , , , , , , , , ,
The second and final round of bidding in a court-mandated auction of Venezuela’s US-based oil subsidiary CITGO has concluded. Several corporations submitted binding offers by a June 11 deadline as part of a process organized by a Delaware District Court to satisfy a number of claims against the Caribbean nation totaling US USD 21.3 billion. In October 2022, Judge Leonard P. Stark set in motion the sale of shares belonging to PDV Holding (PDVH), CITGO’s parent company. The process was brought forward by Canadian miner Crystallex. The auction procedure will pay 18 creditors, which are looking to collect on international arbitration awards on a “first come, first serve basis,” based on when the court approved their writs.

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