Economics
Sanctions-Free Rosneft Affiliate Boosts Venezuela Oil Exports
- After one trader is sanctioned, second increases shipping
- TNK Trading set to load 14.3 million barrels destined for Asia
The sun sets over an oil refinery in Puerto Cabello, Venezuela.
Photographer: Meridith Kohut/BloombergThis article is for subscribers only.
There are already signs that the latest U.S. sanctions thrown at Venezuela are failing.
Rosneft Trading SA, the top buyer of Venezuelan crude last year, was sanctioned on Feb. 18 for helping sell the commodity that bankrolls the regime of President Nicolas Maduro. Now, another company affiliated with Moscow-based oil giant Rosneft PJSC that isn’t sanctioned -- and thus can trade freely -- is ramping up shipments from Venezuela.