Russia’s Gazprombank Freezes Accounts of Venezuela’s PDVSA

The Kremlin has been among Venezuelan President Nicolas Maduro’s staunchest supporters.
Russia’s Gazprombank Freezes Accounts of Venezuela’s PDVSA
18 February 09:40 2019 Print This Article

“PDVSA’s accounts are currently frozen”.

Russian lender Gazprombank has decided to freeze the accounts of Venezuelan state oil company PDVSA and halted transactions with the firm to reduce the risk of the bank falling under U.S. sanctions.

Russian firms find themselves in a quandary, caught between a desire to endorse the Kremlin line and back Maduro, and the fear that by doing so they could expose themselves to secondary U.S. sanctions which would harm their businesses.

Washington says the sanctions, imposed on Jan. 28, are aimed at blocking Maduro’s access to the country’s oil revenue after opposition leader Juan Guaido proclaimed himself interim president and received widespread Western support.

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