Venezuela opposition names new board of directors to state oil firm PDVSA in an attempt to seize revenue.

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By Laith Abdulhadi

In an attempt to further isolate the Venezuelan president Nicholas Maduro, the opposition-controlled congress has named a new board of directors to the largest national oil firm. Expectant of collecting part of the firms’ revenue.

“We have taken a step forward with the reconstruction of PDVSA,” Guaido said on Twitter. “With this decision, we are not only protecting our assets, we also avoid continued destruction.”

Although Western countries have recognized Guiado as the head of state and are assisting with sending aid to the country, it is still impossible to form an interim government without solid funds, especially when Maduro still holds the nation’s military, banks and government ministries.

The U.S. government has placed extensive sanctions on the oil giant to collapse the regime which has resulted in negative retractions on the crisis in Venezuela as the major sufferer at this point are the people

The Trump administration handed over CITGO, PDVSA’s largest U.S. oil refiner and Venezuela’s most valuable foreign asset, to self-proclaimed president Guaido, with a prearrangement that all of the elected board members of the oil company by the Venezuelan congress are in fact residing in the U.S.

Maduro commented in a T.V. interview that he will not let the countries assets be “stolen”, and that the self-proclaimed president would in fact face the courts very soon.

PDVSA oil output has reached 70-year lows partially blamed on the lack of maintenance on infrastructure and widespread corruption.

Still the main sufferer remains the people, with thousands crossing the border every day to neighbouring Colombia. An estimate of 3 million people have already fled the country according to U.N. Reports.

On the 24th of January, Guaido the leader of the opposition party and the national assembly, declared, himself interim president of Venezuela with the backing of countries such as the U.S. and later on the European Union.Russia and China have condemned sanctions on Venezuela and have showed concern over the U.S. and European stance on the situation in Venezuela, Russian Foreign Minister Sergei Lavrov said ”the sanctions completely undermined confidence in the international financial system that is dominated by the U.S.,” Russian news agency Interfax reported. This has only made the situation more complicated with Maduro still having the support of the military and the main institutions.

Venezuela is paying heavy premiums for fuel imports from Russia and Europe, with fewer than a dozen sellers seeing the risk as worth the reward after flows from the United States dried up because of sanctions, trading sources said, and data showed.