Reuters found out about the PDVSA decision to transfer the accounts of its joint ventures to Gazprombank

According to the agency, the leadership of the Venezuelan oil company has already instructed its subsidiaries on a new procedure for settlements. The decision followed the tough US sanctions that caused PDVSA accounts to be blocked.

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Venezuelan national oil company PDVSA transfers the accounts of all joint ventures to Gazprombank, according to Reuters , citing sources and internal documents of the company. Notification of this has been received by PDVSA partners.

RBC sent a request to the representative of Gazprombank.

According to two Reuters sources , the Venezuelan oil company requires its business partners to decide on whether they will continue to participate in projects. It is about the Norwegian company Equinor, the French Total and the American Chevron.

The letter, which refers to the new procedure for making payments, entered into joint ventures signed by the vice-president of PDVSA for financial issues Fernando do Quintalo, the agency writes. “We would like to officially announce the new instructions for making payments in US dollars or euros,” – quotes Reuters letter. It suggests transferring funds to a new account in a Russian bank.

The transfer of accounts was announced after the United States imposed sanctions against PDVSA on January 28. “We will continue to reveal the corruption of Maduro and his minions, and our actions mean that they will no longer be able to arrogate to themselves the assets of the Venezuelan people,” said John Bolton, adviser to the US president on national security, commenting on the restrictions. In total, according to Bolton, the United States blocked $ 7 billion in accounts related to the Venezuelan company.

Finance Minister Stephen Mnuchin noted that Citgo Petroleum, a subsidiary of a Venezuelan company operating in the States, can avoid restrictions if it does not transfer funds to PDVSA. Funds at the same time must remain on the blocked in the US accounts.

Sanctions against PDVSA were imposed against the backdrop of the opposition of Venezuelan President Nicolas Maduro and the self-proclaimed head of state, the speaker of the opposition parliament Juan Guayido. The legitimacy of the Guaido has already been recognized by the United States, most Latin American countries and a number of European countries.

On January 29, Juan Guayido announced that PDVSA’s leadership was changing, providing the bulk of Venezuela’s revenues from exports of petroleum products. Nevertheless, in fact, control of the company retains Maduro.

On February 1, the US Treasury Department announced that the easing of sanctions against PDVSA can only happen if control over it is transferred to Juan Guaido or a democratically elected government. Only this, we are confident in Washington, will allow to preserve the company’s assets from abuses of the Maduro regime.

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