21:23 GMT27 October 2020
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    Washington earlier imposed sanctions against Venezuelan state-owned oil company PDVSA and passed control over some of its foreign funds held by US-insured banks to Juan Guaido, a leader of the opposition, who proclaimed himself interim president of Venezuela.

    The Venezuelan opposition will be getting money from a US-based fund that will accrue some of the country's oil income, Reuters reported, citing opposition lawmaker Carlos Paparoni. The fund will be reportedly filled with the profits from PDVSA's American subsidiary, Citgo starting from last month.

    Paparoni has refused to give details about the future fund, but added that its creation will likely be announced next week by the opposition's representative in the US.

    Citgo is one of the largest US-based refineries and Venezuela's biggest foreign asset, which has found itself in the middle of a conflict between Caracas and Washington, as it is formally controlled by Venezuela's PDVSA, but operates on US soil.

    READ MORE: US Using Delivery of Aid as Pretext to Start War Against Venezuela — Envoy

    The move to create the fund, which will bankroll the Venezuelan opposition, comes in the wake of US calls for Nicolas Maduro to step down and recognition of self-proclaimed interim President of Venezuela — Juan Guaido. In a bid to cut Maduro's earnings, Washington has sanctioned major state-owned oil-producer PDVSA and frozen its foreign assets. The US passed control over some of these assets to Guaido and his team.

    READ MORE: Italy Not Recognizing Guaido as Venezuelan Interim President — Deputy FM

    Venezuelan President Nicolas Maduro has accused Washington of orchestrating a coup and severed diplomatic ties with the country. He is currently supported as the only legitimate president by Russia, China, Iran, Turkey and several other nations. The US, Canada, Israel, and over a dozen South American countries have recognised Guaido as the interim president. Most EU states have supported him as well, with the notable exception being Italy.


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    fund, Oil, opposition, PDVSA, Juan Guaido, US, Venezuela
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