Venezuelan oil joint ventures switch to Russian bank

Home Briefing Until We Accomplish the Goal   
        
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       By Naky Soto-        Febru

Home Briefing Until We Accomplish the Goal Briefing Until We Accomplish the Goal By Naky Soto- Febru

As one of the world's major oil companies, PDVSA opened accounts in many large banks, including global ones.

Reuters reported on Saturday that PDVSA was telling customers of its joint ventures to deposit oil sales proceeds in an account recently opened at Gazprombank.

State-run PDVSA several weeks ago informed customers of the new banking instructions and has begun moving the accounts of its joint ventures, which can export crude separately. Reuters said PDVSA's move follows new United States financial sanctions imposed on January 28 and aimed at blocking President Nicolas Maduro's access to Venezuela's oil revenue.

Supporters of Venezuelan opposition leader and self-proclaimed interim president Juan Guaido said recently that a fund would be established to accept proceeds from sales of Venezuelan oil.

"We would like to make formal your knowledge of new banking instructions to make payments in USA dollars or euros", said PDVSA's finance vice president, Fernando De Quintal, in a letter dated February 8 to the PDVSA unit that supervises its joint ventures.

Venezuela has been rocked by protests since January 10 when President Nicolas Maduro was sworn in for a second term following a vote boycotted by the opposition.

On February 4, most European Union member-states recognized Guaido as Venezuela's interim president.

Russia, Turkey, China, Iran, Bolivia and Mexico have put their weight behind Maduro.

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