By Corina Pons and Marianna Parraga (Reuters) - Venezuelan opposition leader and self-proclaimed president Juan Guaido ordered congress on Monday to appoint new boards of directors to state oil company PDVSA and U.S. subsidiary Citgo, shortly before the United States imposed sanctions on the firm. The moves were aimed at intensifying pressure on President Nicolas Maduro, who was re-elected last year in a contest widely seen as fraudulent. Guaido proclaimed himself president last week, but without a source of revenue or control of the military, he faces difficult odds in assuming the post, despite support across most of the Western Hemisphere. Guaido, who has not yet appointed a Cabinet, faces the intricate legal challenge of nominating new leadership for PDVSA and its subsidiaries, including Citgo Petroleum, who would manage the companies during a transition. The White House's measures to freeze PDVSA's U.S. assets, including proceeds from oil exports, and limit the company's transactions are an attempt to largely cut off Maduro's access to oil revenue that accounts for most of the country's income in hard currency. U.S. refineries in the United States can receive Venezuelan oil already paid for and currently at sea, Treasury Secretary Steven Mnuchin said. "If the people in Venezuela want to continue to sell us oil, as long as the money goes into blocked accounts we will continue to take it. Otherwise, will we not be buying it," Mnuchin told reporters in Washington on Monday. U.S. national security adviser John Bolton said the sanctions would block $7 billion in PDVSA's assets "plus over $11 billion in lost export proceeds over the next year." It is unclear if Venezuela will continue selling oil to customers in the United States. Venezuela exports about 500,000 barrels of oil daily to the United States, mostly to Citgo and refineries owned by Valero Energy Corp and Chevron Corp . The country's production has dropped in recent years to about 1.4 million barrels a day because of economic mismanagement and lack of investment. Maduro remains in control of the country because of support from the military, despite massive protests against his government amid an economic crisis that has caused millions to flee the country. Many people are going hungry, while inflation has skyrocketed and left basic goods unaffordable. 'TRYING TO DO SOMETHING' The sanctions do not prohibit deals between PDVSA and major U.S. oil-companies operating in Venezuela, including Chevron, Halliburton Co and Schlumberger NV . It does, however, prevent U.S. firms from exporting certain oil products Venezuela needs to blend with its own crude for sale elsewhere. Attempting to redirect funds to Guaido's team could give him maneuverability in the short term as appointing new boards at PDVSA and Citgo could take a long time, according to experts. Frank Holder, the head of Berkeley Research Group's Latin American practice, said Guaido could face difficulties in appointing a Citgo board against the wishes of its parent. But Guaido's team may try a number of things, even if they are unlikely to work, because "politically it shows he is trying to do something, that he has power," Holder said. The United States imposed sanctions on Venezuela and PDVSA in 2017 that prevented Citgo from repatriating dividends to its parent company. Citgo had about $500 million in cash at the end of September, according to a creditor who spoke to Reuters last week, and $900 million in available credit. Citgo also faces a July deadline to refinance its revolving credit, a task that could be delayed because of sanctions affecting the subsidiary's ability to access to credit. (Reporting by Corina Pons in Caracas and Marianna Parraga in Mexico City; Additional reporting by Matt Spetalnick and Steve Holland in Washington and Tom Hals in Wilmington, Delaware; Editing by Bill Trott and Peter Cooney)
- Business Insider
Trump Org. rests case on sour note in NY tax fraud trial after judge scolds defense over 11th-hour evidence dump
Trump's real-estate company rested its defense case in a Manhattan tax fraud trial, after getting scolded by the judge for an 11th-hour evidence dump.
- Yahoo Celebrity
Lopez and Affleck ended their engagement in 2004. "It sent me on a spiral for the next 18 years where I just couldn't get it right," the singer shared.
- Rolling Stone
Facing intense GOP pressure, Republican strongholds in Arizona are waiting until the last possible moment to certify their election results
- The State
Clarrissa Winchester died Nov. 9 when she was seven months pregnant. The baby died as well.
- Sacramento Bee
Emergency officials say ash and Pele’s hair could blanket parts of the island.
The family of the late Katie Meyer, formerly Stanford University’s star soccer captain, is suing the university for wrongful death, after Meyer took her life in her dorm room in February. Last week, Santa Clara County ruled that “there is no indication of foul play, and Meyer’s death was determined to be self-inflicted,” prompting Meyer’s family to file a lawsuit on Wednesday, Sports Illustrated reported.
Julia Roberts and Danny Moder's twins Hazel and Phinnaeus are 18 years old.
- Fox News
Donna D’Errico rocks red silk lingerie as former 'Baywatch' star gets into holiday spirit with OnlyFans shoot
The ex "Baywatch" actress, 54, posed in her bedroom while wearing a strappy red bra with matching bottoms for a "Cyber Monday" snap shared on social media.
- Touchdown Wire
The Broncos' defense seems to have had enough of carrying Russell Wilson's water.
USMNT captain Tyler Adams graciously handled a question from an Iranian journalist about discrimination in the US
Tyler Adams was also informed that he'd been mispronouncing "Iran" by the journalist, but the American used the moment to gracefully answer a tough question.
- Rutgers Wire
Paul Finebaum gives his four teams for the College Football Playoff.
- Broncos Wire
Broncos fans want Russell Wilson's social media team to stop the 'tone deaf' tweets while Denver is struggling.
This Woman's Boss Said She Had To Either Work Last Minute Or Be Fired, So She Quit, And People Are Cheering Her On
"I'm already approved to take off that weekend..."View Entire Post ›
- ABC News
Republican officials in two counties in Arizona and Pennsylvania declined on Monday to certify their midterm election results, with some citing concerns about the integrity of the voting system that have become commonplace among conservatives. Republicans on the election boards of Cochise County in Arizona and Luzerne County in Pennsylvania voted against motions to certify the election results there.
- NBC Sports BayArea
Deebo Samuel tweeted about former 49ers teammate Raheem Mostert in light of recent comments about the 49ers.
- Yahoo Life
Billie Eilish says she’s undergone a fitness transformation: 'I feel better about myself than I ever have'
The 20-year-old singer reflects on her relationship with her body.
Lake, a 2020 election denier, has refused to concede in the state’s gubernatorial race.
- The Hill
Correction: An AARP poll released last week had Sen. Raphael Warnock (D) leading GOP candidate Herschel Walker by 4 percentage points. Early voting is underway in Georgia in what promises to be an intense week-and-a-half of campaigning between GOP Senate candidate Herschel Walker and incumbent Democratic Sen. Raphael Warnock. Walker and Warnock were forced to…
The royal staff have a secret and pretty rude nickname for the Sussexes, and "flinch" whenever they come up in conversation.
- Roll Tide Wire
Alabama's win over Auburn was enough to bump the Crimson Tide up in the latest USA TODAY Sports Coaches Poll.