Rosneft, Russian Oil Giant, Quits Venezuela

Rosneft, Russian Oil Giant, Quits Venezuela

Rosneft, Russia’s largest oil producer,  confirmed on Friday it has terminated all of it’s operations in Venezuela. This includes joint ventures, trading and oilfield services as the firm tries to avoid additional sanctions from the U.S. because of its business with Venezuela.

Earlier this year, the United States slapped sanctions on Rosneft’s Swiss-based trading arm as part of its attempts to cut off all revenue streams to Nicolas Maduro’s government. The U.S. has signaled that it is ready to tighten even more the noose around the Venezuelan government.

Rosneft said it would be selling all its assets in Venezuela and was said to have cancelled oil cargoes from the South American country after the United States hit Rosneft subsidiaries with sanctions due to their continued business with Venezuela.

Rosneft announced the sale of its Venezuelan assets to a company 100-percent owned by the Russian government.