Venezuela’s oil giant PDVSA reportedly moves joint ventures’ accounts to Russia’s Gazprombank

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Amid the tightening noose of US sanctions, Venezuela’s state oil company PDVSA is reportedly moving bank accounts of its joint ventures with foreign companies to Russia’s Gazprombank, Reuters reports, citing documents and sources. Customers of PDVSA’s joint ventures with US-based Chevron Corp, France’s Total SA, Norway’s Equinor and other projects with foreign companies have reportedly been instructed to deposit their payments into Russia-based bank accounts following the latest crippling round of Washington’s sanctions, Reuters reports. Imposed on January 28, the fresh round of sanctions are aimed at cutting the government of Nicholas Maduro off from oil proceeds, after Washington recognized the self-proclaimed ‘interim’ president Juan Guaido and claimed that Venezuela’s state funds and profits should be controlled by the ‘legitimate government.’

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