Venezuelan oil joint ventures switch to Russian bank

Remigio Civitarese
Febbraio 11, 2019

The report that Venezuela's state oil company PDVSA has opened its new accounts in Russia's Gazprombank has nothing to do with reality, a spokesman for the credit organization told TASS on Sunday. As one of the world's major oil companies, PDVSA opened accounts in many large banks, including worldwide ones.

PDVSA several weeks ago informed customers of the new bank directions and has begun moving the accounts of its joint ventures, which can export crude separately.

"We stress that no new accounts have been opened and the bank does not plan to open any new accounts", Gazprombank said.

Reuters reported on Saturday that PDVSA was telling customers of its joint ventures to deposit oil sales proceeds in an account recently opened at Gazprombank.

PDVSA's move follows tough, new United States financial sanctions imposed on January 28 and aimed at blocking leftist President Nicolas Maduro's access to the country's oil revenue.

Supporters of Venezuelan opposition leader and self-proclaimed interim president Juan Guaido said recently that a fund would be established to accept proceeds from sales of Venezuelan oil.

On January 23, Guaido declared himself the country's interim president and was immediately acknowledged by the United States, Canada and other USA allies. Russia, Belarus, Bolivia, Iran, Cuba, Nicaragua, El Salvador and Turkey voiced support for Maduro.

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