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U.S. Sanctions Second Rosneft Subsidiary for Backing Maduro

  • Switzerland-based TNK Trading latest unit to be sanctioned
  • Escalation in sanctions comes as oil rout erodes revenue
Nicolas Maduro

Nicolas Maduro

Photographer: Carlos Becerra/Bloomberg
Updated on

The U.S. sanctioned a second subsidiary of Russia’s biggest oil producer, Rosneft PJSC, for allegedly supporting Venezuelan leader Nicolas Maduro.

TNK Trading International SA, a Geneva-based Rosneft subsidiary, was sanctioned for helping transport Venezuelan crude oil, the Treasury Department said Thursday in a statement. In February, Bloomberg News reported that TNK was ramping up planned shipments from Venezuela after sanctions were brought against Rosneft Trading SA, the top buyer of Venezuelan crude last year, for helping sell the commodity that bankrolls the Maduro regime.