US sanctions Rosneft unit for maintaining ties to Venezuelan oil trade
The US sanctioned a unit of Russia’s largest oil producer, Rosneft PJSC, for maintaining ties with Venezuela’s Nicolas Maduro and state-run oil company PDVSA.
The Treasury Department’s Office of Foreign Assets Control is acting against Rosneft Trading SA, the company’s Swiss-incorporated brokerage firm, as well as its Chairman Didier Casimiro. The US restrictions come with a three-month wind-down period that expires May 20.
The move represents the latest escalation in the Trump administration’s campaign to oust Maduro and rally international support behind Venezuelan opposition leader Juan Guaido. For the oil market, it means disruption and increased legal costs for companies, though the wind-down period gives operators time to adjust to the new regime.
