Russian oil giant Rosneft’s investments and commercial activities in Venezuela are legal, says state energy firm PDVSA, pledging to provide the necessary support for the producer’s “operational and commercial continuity.”
The PDVSA statement follows Washington’s blacklisting of a Rosneft subsidiary on Tuesday over its trade ties with Venezuela. The US accused the oil brokerage subsidiary of handling over 70 percent of Venezuela’s exports, in circumvention of US sanctions. It has also given the companies doing business with Rosneft Trading 90 days to disentangle those arrangements.
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