US designated Rosneft in escalation of sanctions regime against Venezuela

The United States Department of the Treasury Office of Foreign Assets Control (OFAC) designated Russian-controlled Rosneft Trading S.A. for brokering the sale of Venezuelan oil from Petróleos de Venezuela (PdVSA). The designation comes pursuant to Executive Order 13850, “Blocking Property of Additional Persons Contributing to the Situation in Venezuela.”[1]

According to an OFAC news release,[2] Rosneft engaged in several recent trades of Venezuelan oil, including:

  • “In January 2020, Rosneft Trading S.A. facilitated, on behalf of PdVSA, a shipment of two million barrels of Merey-16 crude oil from Venezuela to West Africa.

  • “In the fall of 2019, PdVSA planned oil shipments with Rosneft Trading S.A. involving 55 million barrels of crude oil liftings from September to December 2019.

  • “In September 2019, PdVSA supplied a shipment of one million barrels of Merey-16 to Rosneft Trading S.A., which was loaded on a vessel in Venezuela and destined for Asia.

  • “In August 2019, Rosneft Trading S.A. negotiated a shipment of two million barrels of Venezuelan crude oil with PdVSA and was able to find a vessel willing to transport the cargo despite difficulties that came with doing business in Venezuela.”

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