Venezuelan oil joint ventures switch to Russian bank

Venezuela moves to replace US executives on Citgo board

Reuters reported on Saturday that PDVSA was telling customers of its joint ventures to deposit oil sales proceeds in an account recently opened at Gazprombank.

The move comes after the United States imposed new financial sanctions aimed at preventing oil revenues reaching the government of President Nicolas Maduro.

Somewhat dodging the question about when the "free and fair" elections - so craved by some foreign states and others who believe Nicholas Maduro "usurped" power amid the oppositions' boycott of last year's polls - might take place, Guaido refused to name any specific dates. Maduro has denounced Guaido as a USA puppet seeking to foment a coup. The report that Venezuela's state oil company PDVSA has opened its new accounts in Russia's Gazprombank has nothing to do with reality, a spokesman for the credit organization told TASS on Sunday. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

Even after a first round of financial sanctions in 2017, PDVSA's joint ventures managed to maintain bank accounts in the United States and Europe to receive proceeds from oil sales. Several years ago PDVSA opened accounts in Gazprombank Group as part of cooperation with several Russian companies, which are the bank's clients.

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The sanctions gave USA oil companies working in Venezuela, including Chevron and oil service firms Halliburton Co, General Electric Co's Baker Hughes and Schlumberger NV, a deadline to halt all operations in the South American country.

On February 4, most European Union member-states recognized Guaido as Venezuela's interim president.

Under Maduro's stewardship, oil-rich Venezuela's economy has collapsed leaving the country wracked by hyperinflation, recession and shortages of basic necessities such as food and medicine.

Guaido made the comments in an address to reporters.

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