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19 Feb, 2020 10:44

Venezuela slams US sanctions on Russia's Rosneft as an attempt at grabbing control of global oil market

Venezuela slams US sanctions on Russia's Rosneft as an attempt at grabbing control of global oil market

Russian oil giant Rosneft’s investments and commercial activities in Venezuela are legal, says state energy firm PDVSA, pledging to provide the necessary support for the producer’s “operational and commercial continuity.”

The PDVSA statement follows Washington’s blacklisting of a Rosneft subsidiary on Tuesday over its trade ties with Venezuela. The US accused the oil brokerage subsidiary of handling over 70 percent of Venezuela's exports, in circumvention of US sanctions. It has also given the companies doing business with Rosneft Trading 90 days to disentangle those arrangements.

The Venezuelan company has condemned the sanctions, calling them an attempt by the US government to take control of the global oil market.

"The US unilateral sanctions policy is directed against companies that are competitive on the global market, such as Rosneft, in order to influence prices, control or eliminate major players and, as a result, have control over the global oil market," PDVSA complained.

The Russian company has also slammed the sanctions as illegal and groundless, saying that all of its operations in Venezuela were fully compliant with international law. Rosneft said it will look into ways of protecting itself judicially.

According to the Russian Embassy in Washington, sanctions against Rosneft Trading represent an example of unfair competition. Russia’s Foreign Ministry said sanctions will not make Moscow change its policy toward Venezuela.

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