Venezuelan president enacts Law for the Protection of Assets Abroad

Venezuelan President Nicolás Maduro signed this Monday the enactment of the Law for the Protection of Assets, Rights and Interests of the Republic and its Entities Abroad.

During his program "Con Maduro +," the Venezuelan leader highlighted that this regulation is aimed at protecting the assets that belong to all Venezuelans.  "A new legal, juridical and constitutional instrument to protect the assets and patrimony that belong to all Venezuelans.  With the power given to me by the Constitution of the Bolivarian Republic of Venezuela, as President of the Republic, Head of State and Government, I proceed to sign, to extend the approval of this law so important for the patrimony.  Let it be complied with," he said.

In addition, the Venezuelan president stated that the seizure of the company Citgo, a subsidiary of the state-owned oil company PDVSA, "has meant a gigantic damage to the Venezuelan population."  In this regard, he specified that 4 billion dollars, corresponding to Citgo's annual profits between 2019 and 2022, have been usurped from the Venezuelan people.

For his part, the president of the Permanent Commission of Domestic Policy, Deputy Diosdado Cabello, stated that this norm is complemented with the Organic Law of Extension of Dominion, which was enacted last April 28 by the Executive.

The Law for the Protection of Assets, Rights and Interests of the Republic and its Entities Abroad, which has 13 articles, was sanctioned last May 16th by the National Assembly, after being approved unanimously in its second discussion.