A Russian oil company, used to provide a solution to US sanctions on the oil trade in Venezuela, is fighting to avoid another round of sanctions, this time from Europe and the United States, in the wake of Russia’s invasion of Ukraine. .
The five joint ventures that Roszarubezhneft acquired produce some 125,000 barrels per day (bpd) of crude in Venezuela and employ some 200 Russian and local workers, according to sources and analysts. This is equivalent to about 16% of the 788,000 bpd Venezuela produced last month.
Roszarubezhneft is seeking to transfer ownership of its Venezuelan assets from its European units to another company in Russia to avoid “blocking the activities or confiscation of assets of group companies,” one of several company documents reviewed said.