Russian Gazprombank freezes Venezuelan PDVSA account

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Russian Gazprombank freezes Venezuelan PDVSA account

In the wake of mounting pressure of the western countries against armed-forces backed Venezuelan Socialist President, Nicolas Maduro, a Russian lender, Gazprombank had decided to freeze all of the older accounts of Venezuelan state-run oil company PDVSA and also slumped transaction with the country in order to avert the risks of US sanction, an inside source from Gazprombank revealed on Sunday, the 17th of February, 2019.

Although many foreign firms are cutting off their ties with PDVSA since the sanctions on PDVSA’s oil export, yet a lender closely aligned with Russian state, Gazprombank’s sanction could be significant, as Russia had been among the allies of Venezuela, alongside China and India.

The source said as cited in a Reuters’ report, “PDVSA’s accounts are currently frozen. As you’ll understand, operations cannot be carried out,” however, Gazprombank did not reply to request for comments.

Never the less, earlier this month, PDVSA had been telling its customers that they had been in alignment with Gazprombank in terms of oil sales deposits, as an attempt to sideline the fresh United States’ sanction on PDVSA.

The Gazprombank had been carrying out transactions on behalf of PDVSA for several years and in fact, the lender had also an agreement with Venezuelan government regarding a $1 billion endorsement for the Petrozamorca company.

However, the bank said that accounts of Petrozamora were closed as well. Although Gazprombank had frozen all of Venezuelan PDVSA assets in the face of a basket of US sanctions on Russian financial sectors, the Russian officials had been quoted saying that they were standing by Maduro and would continue to do so to prevail a US-inspired ploy to usurp the power in Caracas.