On January 28, 2019, the U.S. Government imposed sanctions on PdVSA, freezing any assets they have in the U.S., and barring any U.S. firms and citizens from doing business with it. In February, Citgo cut ties with the PdVSA, and halted payments to them, placing them in a "blocked account". However, the sanctions limited Citgo's ability to refinance debt. In March, at the behest of the U.S. Treasury, 35 financial institutions secured a $1.2 billion loan to fund Citgo's daily operations and refinancing, allaying concerns about Citgo's ability to continue operating in the U.S.