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Venezuela Shifts Oil Ventures' Accounts to Russian Bank
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10 Feb 2019 12:25 PM EST

According to Reuters, Venezuela’s state-run oil company PDVSA is telling customers of its oil joint ventures to deposit sales proceeds at an account it recently opened at Russia’s Gazprombank. PDVSA’s move follows tough, new U.S. financial sanctions imposed on Jan. 28 and aimed at blocking leftist President Nicolas Maduro’s access to the country’s oil revenue. PDVSA also ordered its Petrocedeno joint venture with Equinor and Total to halt extra-heavy oil output.

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