Rosneft sells Venezuelan asset to Russia as Washington stiffens sanctions on Caracas

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Rosneft sells Venezuelan asset to Russia as Washington stiffens sanctions on Caracas

On Saturday, the 28th of March 2020, the Moscow-based Russia’s largest petroleum refining and extraction company, Rosneft, had issued a statement saying that the Russ oil giant had suspended its operation in Venezuela and sold off all of its Venezuelan asset to an unnamed company backed by the Russian Government.

In point of fact, latest move from the Rosneft came forth days after the US President Donald Trump alongside his Administration had accused Nicolas Maduro’s Government of conspiring on narcotic smuggle racketeering what several analysts said a desperate attempt of US President to bottleneck the outflow of Venezuelan crude oil aimed at ousting the military-backed Socialist President Nicolas Maduro, after his previous sanctions had failed to curb crude oil export of the South American nation.

While criticising the US move to incline a narcotic-related accusation on Maduro’s Government aimed at stiffening sanctions on Maduro’s Government, Russ President Vladimir Putin had dubbed the US approach as a toolkit of mass genocide in Venezuela amid a multi-year low crude oil prices alongside a clattering wave of coronavirus which has been casting further holocaust over the global economy.

Meanwhile, adding that the latest Rosneft move was implemented to protect the company shareholders’ interest, a Rosneft spokesman, Mikhail Leontiyev said on Saturday (March 28th), “We defended the interests of our shareholders and did it in an effective way. And to whom the risks go is not an issue for us. The main thing is that the risks are leaving us. ”