Title 22 — Foreign Relations and IntercourseRelease 119-73

§9752 Concerns over PDVSA transactions with Rosneft

Title 22 › Chapter CHAPTER 104— - VENEZUELA ASSISTANCE › Subchapter SUBCHAPTER VI— - RESTORING THE RULE OF LAW IN VENEZUELA › § 9752

Last updated Apr 6, 2026|Official source

Summary

The President must stop Rosneft from taking control of critical U.S. energy infrastructure. The President must, within 90 days after December 20, 2019, send a report about the national security risks of a possible Russian takeover of CITGO’s U.S. assets to these committees: Senate Foreign Relations; Senate Homeland Security and Governmental Affairs; Senate Banking, Housing, and Urban Affairs; House Foreign Affairs; House Homeland Security; and House Financial Services. Congress found that in late 2016 PDVSA borrowed from Rosneft and put 49.9% of CITGO USA up as collateral, which means 100% of CITGO is effectively held by PDVSA’s creditors. CITGO operates in 19 States and runs an oil system with 48 terminals, 3 refineries, and 749,000 barrels per day of refining capacity; its Lake Charles refinery is the sixth largest in the United States. The Treasury has sanctioned Rosneft and its leader Igor Sechin after Russia’s 2014 actions in Ukraine. Congress says control of these assets by Rosneft would be a serious national and energy security risk and that a PDVSA default giving Rosneft CITGO should get close review by the Committee on Foreign Investment in the United States.

Full Legal Text

Title 22, §9752

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)Congress makes the following findings:

(1)In late 2016, Venezuelan state-owned oil company Petróleos de Venezuela, S.A. (referred to in this section as “PDVSA”), through a no compete transaction, secured a loan from Russian government-controlled oil company Rosneft, using 49.9 percent of PDVSA’s American subsidiary, CITGO Petroleum Corporation, including its assets in the United States, as collateral. As a result of this transaction, 100 percent of CITGO is held as collateral by PDVSA’s creditors.

(2)CITGO, a wholly owned subsidiary of PDVSA, is engaged in interstate commerce and owns and controls critical energy infrastructure in 19 States of the United States, including an extensive network of pipelines, 48 terminals, and 3 refineries, with a combined oil refining capacity of 749,000 barrels per day. CITGO’s refinery in Lake Charles, Louisiana, is the sixth largest refinery in the United States.

(3)The Department of the Treasury imposed sanctions on Rosneft, which is controlled by the Government of the Russian Federation, and its Executive Chairman, Igor Sechin, following Russia’s military invasion of Ukraine and its illegal annexation of Crimea in 2014.

(4)The Department of Homeland Security has designated the energy sector as critical to United States infrastructure.

(5)The growing economic crisis in Venezuela raises the probability that the Maduro regime and PDVSA will default on their international debt obligations, resulting in a scenario in which Rosneft could come into control of CITGO’s United States energy infrastructure holdings.

(b)It is the sense of Congress that—

(1)control of critical United States energy infrastructure by Rosneft, a Russian government-controlled entity currently under United States sanctions that is led by Igor Sechin, who is also under United States sanctions and is a close associate of Vladimir Putin, would pose a significant risk to United States national security and energy security; and

(2)a default by PDVSA on its loan from Rosneft, resulting in Rosneft coming into possession of PDVSA’s United States CITGO assets, would warrant careful consideration by the Committee on Foreign Investment in the United States.

(c)The President shall take all necessary steps to prevent Rosneft from gaining control of critical United States energy infrastructure.

(d)Not later than 90 days after December 20, 2019, the President shall submit a report assessing the national security risks posed by potential Russian acquisition and control of CITGO’s United States energy infrastructure holdings to—

(1)the Committee on Foreign Relations of the Senate;

(2)the Committee on Homeland Security and Governmental Affairs of the Senate;

(3)the Committee on Banking, Housing, and Urban Affairs of the Senate;

(4)the Committee on Foreign Affairs of the House of Representatives;

(5)the Committee on Homeland Security of the House of Representatives; and

(6)the Committee on Financial Services of the House of Representatives.

Reference

Citations & Metadata

Citation

22 U.S.C. § 9752

Title 22 — Foreign Relations and Intercourse

Last Updated

Apr 6, 2026

Release point: 119-73