CITGO Petroleum Corporation

Rule Changes

Operating refinery asset whose ownership is indirectly contested through parent-company shares and collateral rights.

CITGO has been the prize everyone can see, but almost nobody can touch. For years, a single U.S. sanctions lever has decided whether the PDVSA 2020 bond’s “CITGO shares” collateral is a real hammer—or just a threat on paper.

Updated Dec 20, 2025