Russian oil firm shuffles Venezuela assets as sanctions bite: Report

A Russian oil company used to provide a workaround to U.S. oil trading sanctions on Venezuela is scrabbling to avoid another set of sanctions, documents show

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A Russian oil company used to provide a workaround to U.S. oil trading sanctions on Venezuela is scrabbling to avoid another set of sanctions, documents show, this time from Europe and the United States over Russia's invasion of Ukraine.

Russia is one of Venezuela's few allies on the international stage. Russian companies have helped state-run oil firm PDVSA sustain output in recent years despite U.S. sanctions intended to deprive President Nicolas Maduro's government of its main source of export income.

Roszarubezhneft was incorporated in 2020 and soon afterwards acquired the Venezuelan holdings of Russian state-run oil giant Rosneft as Washington imposed sanctions

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First Published: Mar 29 2022 | 10:22 AM IST

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