Venezuela dodges US sanction by funneling oil sales through Russ Rosneft


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Venezuela dodges US sanction by funneling oil sales through Russ Rosneft

Venezuelan President Nicolas Maduro had been channeling cashflow of Venezuelan oil sales through Russian state-controlled energy industry giant, Rosneft, as Maduro had been seeking to circumvent US sanctions placed to oust him from power, relevant documents including invoices and sources reviewed by a press agency had revealed on Friday, the 19th of April 2019.

While its economy had been grappling with years of recession and steep decline of its oil production, the Venezuelan economy had been struggling to financial import’s payouts and government spending before Unites States even imposed stiffer sanctions on Venezuelan state-controlled oil company PDVSA, while US along with its other Western allies had recognized Maduro as a dictator.

Although Venezuela had been under tougher sanctions, over the recent past, multiple officials of Trump Administration had expressed frustrations that the sanctions had not been effective as it should have been. Under the plot discovered by a press agency, Venezuelan state-run oil agency PDVSA had been passing invoices for its oil sales to Russian Rosneft, and the Russian energy giant had been paying Venezuelan PDVSA for oils immediately at a discounted price, and collecting the payment later from the buyers worldwide.

Rosneft, which had invested a hefty amount on Venezuelan crude did not comment on the issue, and earlier last month, Russia had called the sanctions on Maduro government illegal, saying that it would be standing beside the socialist president Maduro to lift up the sanctions.