Venezuela “shifts oil ventures’ accounts” to Russian bank

CARACAS: Sources have claimed that Venezuela’s state-run oil company PDVSA is asking its joint venture customers to deposit oil sales proceeds in an account recently opened at Russia’s Gazprombank AO, according to Reuters.

Citing an informal document, Reuters has said that PDVSA’s move comes following the United States’ tough, new financial sanctions aimed at blocking Venezuela’s President Nicolas Maduro’s access to the country’s oil revenue. (Agencies)