Venezuela shifts PDVSA oil venture accounts to Russian Banks

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Venezuela shifts PDVSA oil venture accounts to Russian Banks

On Saturday, the 9th of February, PDVSA, the Venezuelan state-run oil company confirmed their customers about a joint venture in order to proceed with oil sales through a recently opened bank account at Russian Gazprombank AO, multiple spokesmen with knowledge regarding the issue mentioned.

Alongside, an internal document of agreement seen by a press agency on Saturday (February the 9th), had also revealed the same. PDVSA’s recent move had been an aftermath of newly imposed US sanction on Venezuelan oil on January 28th, targeting to cripple the Socialist Venezuelan President Nicolas Maduro’s reign and access over the nation’s oil revenue.

Although PDVSA confirmed its customers about moving its oil operation account in to a Russian Bank, GAzprombank AO, the bank officials made a statement on Sunday, February the 10th, saying that the PDVSA did not open any new accounts, however, the state-run oil company had created multiple accounts, but it was years ago.

Besides, the Venezuelan opposition leader & the self-proclaimed interim president, Juan Guaido had said recently that he would overhaul the PDVSA payment system following taking the office. While the US alongside United States’ allies including France, Germany and Italy had offered eight days to armed-force backed president Maduro’s government to rearrange a new election under interim president Juan Guaido and step aside from the office, the PDVSA finance Vice President, Fernando De Quintal, wrote in a letter on February 8th to the PDVSA unites supervising their joint ventures, “We would like to make formal your knowledge of new banking instructions to make payments in U.S. Dollars or Euros”.