Citgo is facing unprecedented challenges to its finances and management after the US government last week imposed tough sanctions on Petroleos de Venezuela, known as PDVSA, designed to prevent oil revenue from going to leftist President Nicolas Maduro. The United States and dozens of other nations have refused to recognize Maduro, viewing his reelection last year to another six-year term as fraudulent.
Venezuelan's self-proclaimed president Juan Guaido is setting up bank accounts with US help that would take income accrued by Citgo, Venezuela's top foreign asset, to finance an interim government. Maduro has denounced Guaido as a US puppet who is seeking to foment a coup. The board of Houston-based Citgo includes at least two US citizens, Art Klein and Rick Esser, as well as Venezuelans Asdrubal Chavez, Frank Gygax, Nepmar Escalona, Simon Suarez and Alejandro Escarra, according to one of the people familiar with the matter.