U.S. Treasury temporarily blocks creditor seizure of refiner Citgo

The United States on Thursday temporarily blocked a creditor seizure of Citgo, a win for political leaders in Venezuela struggling to retain control over the U.S. refiner owned by the chaotic South American nation. Shares in Citgo, a subsidiary of Venezuelan state oil company PDVSA, were used as collateral for a bond issue expected to go into default next week when a $913 million payment comes due. But the U.S. Treasury Department, which maintains a broad sanctions program against the government of Venezuelan President Nicolas Maduro, said no transfers or sales of Citgo shares linked to the PDVSA bond could take place until Jan. 22.