Venezuela failed to put up nearly $1 billion in collateral to ensure its U.S. crude refineries stay under state control as President Nicolás Maduro begins a new six-year term in office, a person familiar with the matter said.

The crisis-racked country missed a Thursday deadline to post the collateral to Crystallex International Corp., which has targeted Venezuela’s external oil assets to collect on a $1.4 billion judgment over gold mining rights, this person said.

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