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Venezuela's State-Run PDVSA Oil Company Shifts Accounts to Russian Bank

  • Petróleos de Venezuela, S.A. (PDVSA), Venezuela’s state-run oil company, has recently opened an account with a Russian bank named Gazprombank AO to bypass US sanctions. The United States has recently imposed new financial sanctions on Venezuela for blocking Venezuelan President Nicholas Maduro from accessing oil revenue of the country. The Venezuelan oil behemoth has started pressing its foreign partners having joint holding stakes in Orinoco Belt production area to make a decision on continuing with the projects. The foreign partners of this production area are Total SA of France, Chevron Corp of the United States of America, and Equinor ASA of the United States of America. Fernando De Quintal, the Finance Vice President of PDVSA, has written to the PDVSA unit supervising the joint ventures urging them to gain knowledge on the new banking instructions for making payments in US Dollars or Euros.