Washington's move this week to sanction a trading unit of Russian oil giant...
CARACAS - Washington’s move this week to sanction a trading unit of Russian oil giant Rosneft for its ties with Venezuela’s state-run PDVSA escalated threats facing non-U.S. firms and will likely spur “overcompliance” by companies, analysts and industry sources said.
The measure explicitly prohibited U.S. companies from dealing with Rosneft Trading after a three-month wind-down period. But in a Q&A published alongside the new measure, the Treasury Department’s Office of Foreign Assets Control said “non U.S. persons” unable to wind down dealings with the company by May 20 “may seek guidance from OFAC.”
The Kremlin on Tuesday said the new U.S. sanctions were illegal and would not affect Moscow’s ties with Caracas. Rosneft said Washington had “repeatedly” said its activities in Venezuela did not violate the restrictions, and that the company would “consider its options for legal protection.” Already, global commodity trader Trafigura Group has said it would comply with U.S. sanctions on Rosneft Trading.
The sanction on Rosneft Trading also comes less than a month after OFAC renewed a license allowing U.S. oil major Chevron Corp to continue operating in Venezuela, where it has joint ventures with PDVSA and recently resumed direct crude exports. Moscow has branded that unfair competition.
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