Venezuela’s government and political opposition are moving toward potential cooperation to safeguard the country’s assets in the United States, following Washington’s recognition of interim President Delcy Rodríguez.
Lawyers representing both the government and the opposition jointly requested a 45-day pause in a U.S. court case, where creditors are seeking to seize funds linked to state oil company PDVSA. The request was submitted to U.S. Magistrate Judge Sarah Netburn in Manhattan.
The legal move highlights growing coordination between the two sides, traditionally at odds, as they attempt to determine who has the authority to represent Venezuela in U.S. courts.
At stake are major overseas assets, including Houston-based refiner Citgo Petroleum, long considered the crown jewel of Venezuela’s foreign holdings. These assets are under threat from multiple creditors, including bondholders, companies with expropriated assets, and claimants linked to alleged terrorism cases.
Relations between Venezuela’s socialist government and opposition groups have historically been strained. However, the shift in U.S. policy—recognizing Rodríguez after the capture of former president Nicolás Maduro—has created new urgency to present a unified legal front.
Since 2019, opposition-appointed boards have controlled key U.S.-based assets like Citgo under U.S. sanctions targeting PDVSA. Now, Rodríguez’s administration is preparing to assume control of these subsidiaries, further complicating ongoing legal disputes.
Judge Netburn has approved the request to pause proceedings, with both sides expected to report back by May 21 on who will formally represent Venezuela’s interests in U.S. courts.
The development signals a rare moment of alignment between rival factions, driven by the need to protect billions of dollars in overseas assets amid shifting political and legal dynamics.