Category: Venezuela

VENEZUELA: New sanctions not game-changing but more squeeze to come

Yesterday, 18 February, the US government announced sanctions against Rosneft Trading, a brokerage unit of Russian firm Rosneft. The entity is thought to handle at least 50% of Venezuela’s crude exports under deliberately opaque arrangements designed to bypass wider sanctions; typically, state oil company PDVSA sells oil at a discount to Rosneft Trading, which then sells the crude on to end-users in China and India.… Read the rest