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India's Nayara sending fuel to Rosneft in return for Venezuelan oil: Report

The United States in January prohibited US-dollar transactions for oil sales from Venezuela's PDVSA or its units

Topics
Venezuela | Nayara Energy | Rosneft

Reuters  |  New Delhi/Mexico City 

India's Nayara Energy has been using Russian giant Rosneft as an intermediary to acquire Venezuelan oil, paying it in fuel rather than cash to avoid violating US sanctions, three sources with knowledge of the transactions said. The United States in January prohibited US-dollar transactions for oil sales from Venezuela's PDVSA or its units, a measure intended to cut off cash flows and increase pressure on President Nicolas Maduro, whose 2018 re-election has been dismissed as a sham by Washington. The sanctions have made some banks wary of processing any transaction for ...

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First Published: Wed, October 16 2019. 08:01 IST
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