"The constitutional chamber of the Supreme Court notes that the analysed directive, issued by the National Assembly, is absolutely null and void and has no legal effect", Judge Juan Jose Mendoza Jover said at a court hearing as aired by the broadcaster Telesur on Thursday.
On Wednesday, the opposition-controlled National Assembly endorsed members for PDVSA's special board of directors whose only goal would be to appoint new directors for US-based Citgo and its subsidiaries.
The US office of opposition leader Juan Guaido, who proclaimed himself Venezuela’s interim president, subsequently announced Citgo's new board of directors.
PDVSA, whose assets are worth $7 billion were blocked by the United States amid the political crisis in Venezuela, has called Citgo's opposition-appointed board of directors an attempt to "steal the wealth of the people".
US Treasury Secretary Steven Mnuchin told reporters that by blocking PDVSA's wealth, the United States was preserving the company's assets in the interests of the Venezuelan people.
On 23 January, the political crisis in Venezuela took a new turn when speaker of the opposition-led Venezuelan National Assembly, Juan Guaido, declared himself interim president amid ongoing anti-government protests. Guaido's declaration was almost immediately recognised by the United States and some of its allies. EU member states were expected to issue a joint statement recognising Guaido, but Italy vetoed the motion, according to a Sputnik source.
Venezuela is one of the biggest oil producers in the world. Oil exports are currently way below 1 million barrels per day, which is more than a 10 percent drop from December and a less than half of Venezuela’s oil production 18 months ago, according to The Wall Street Journal.