Venezuela's PDVSA Transfers Joint Ventures' Accounts to Gazprombank

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On Saturday, Reuters reported citing sources that PDVSA (Petroleos de Venezuela, S.A.) is telling customers of its oil joint ventures to deposit sales proceeds at an account at Russia's Gazprombank.

PDVSA's move follows tough new USA financial sanctions imposed on January 28 and aimed at blocking leftist President Nicolas Maduro's access to the country's oil revenue.

An active-duty Venezuelan army colonel who is a military doctor has dropped his allegiance to President Nicolas Maduro, backing opposition leader Juan Guaido instead. Maduro has denounced Guaido as a US puppet seeking to foment a coup. The joint ventures foreign partners include Norway's Equinor ASA, U.S. -based Chevron Corp and France's Total SA. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

According to the agency, PDVSA has instructed joint ventures' clients to transfer proceeds from oil sales to new bank accounts opened by the Russian bank.

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The European Union has encouraged member countries to recognize a new temporary government led by Guaido until new elections can be held.

Under Maduro's stewardship, oil-rich Venezuela's economy has collapsed leaving the country wracked by hyperinflation, recession and shortages of basic necessities such as food and medicine. The bottleneck has caused problems for PDVSA to continue producing and refining oil without imported diluents and components.

Guaido made the comments in an address to reporters.

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