Sources: Venezuela skirts US sanctions by funneling oil sales via Russia – Reuters

Dhwani Mehta FXStreet

According to sources and documents reviewed by Reuters, the Venezuelan President Maduro is sifting cashflow from Venezuelan oil sales through Russian state energy giant Rosneft.

Maduro seeks to evade the US sanctions designed to oust him from power

“The sources said some of the money was flowing via Russian-Venezuelan bank Evrofinance Mosnarbank, which was placed under U.S. sanctions last month. A spokesperson for Evrofinance denied such transactions had passed through the bank,” Reuters reports.

It’s worth noting that oil accounts for more than 90% of exports from the OPEC nation.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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