Venezuela's state-run oil company PDVSA is telling customers of its oil joint ventures to deposit sales proceeds at an account it recently opened at Russia's Gazprombank AO, according to sources and an internal document seen by Reuters. The joint ventures' partners include Norway's Equinor ASA, US-based Chevron Corp and France's Total SA. Even after a first round of financial sanctions in 2017, PDVSA's joint ventures managed to keep bank accounts in the United States and Europe to receive oil-sales proceeds. They also used correspondent banks in the United States and some European nations to move money to PDVSA's own collecting accounts in China. PDVSA several weeks ago informed customers of the new bank directions and has begun moving the accounts of its joint ventures, which can export crude separately.

Source: Ethiopian News February 10, 2019 00:11 UTC