President Nicolas Maduro is funneling cash from Venezuelan oil sales through Russian state energy giant Rosneft to evade U.S. sanctions.
President Nicolas Maduro is funneling cash flow from Venezuelan oil sales through Russian state energy giant Rosneft as he seeks to evade U.S. sanctions designed to oust him from power, according to sources and documents reviewed by Reuters.
Oil accounts for more than 90 percent of exports from the OPEC nation and the lion's share of government revenues. Maduro has accused U.S. President Donald Trump of waging economic war against Venezuela. The Russian energy giant pays PDVSA immediately at a discount to the sale price avoiding the usual 30-to-90 day timeframe for completing oil transactions and collects the full amount later from the buyer, according to the documents and sources.
Rosneft, which has heavily invested in Venezuela under President Vladimir Putin, did not immediately respond to a request for comment.
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