EXCLUSIVE: Venezuela is funneling cash from oil sales via Russia's Rosneft to bypass U.S. sanctions, according to sources and documents reviewed by Reuters mariannaparraga
MEXICO CITY - President Nicolas Maduro is funneling cashflow from Venezuelan oil sales through Russian state energy giant Rosneft as he seeks to evade U.S. sanctions designed to oust him from power, according to sources and documents reviewed by Reuters.
With its economy reeling from years of recession and a sharp decline in oil production, Venezuela was already struggling to finance imports and government spending before Washington imposed tough restrictions on state oil company PDVSA in January. Under the scheme uncovered by Reuters, Venezuelan state oil company PDVSA has started passing invoices from its oil sales to Rosneft.
Major energy companies such as India’s Reliance Industries Ltd - PDVSA’s largest cash-paying client - have been asked to participate in the scheme by paying Rosneft for Venezuelan oil, the documents show.
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