RUSSIA'S GAZPROMBANK FREEZES ACCOUNTS OF VENEZUELA'S PDVSA: SOURCE | WHAT REALLY HAPPENED

RUSSIA'S GAZPROMBANK FREEZES ACCOUNTS OF VENEZUELA'S PDVSA: SOURCE

Russian lender Gazprombank has decided to freeze the accounts of Venezuelan state oil company PDVSA and halted transactions with the firm to reduce the risk of the bank falling under U.S. sanctions, a Gazprombank source told Reuters on Sunday.

While many foreign firms have been cutting their exposure to PDVSA since the sanctions were imposed, the fact that a lender closely aligned with the Russian state is following suit is significant because the Kremlin has been among Venezuelan President Nicolas Maduro’s staunchest supporters.

“PDVSA’s accounts are currently frozen. As you’ll understand, operations cannot be carried out,” the source said. Gazprombank did not reply to a Reuters request for a comment.

PDVSA brandished the story as “fake news” on its Twitter account in capital red letters, but did not reply to a request for comment.

Webmaster's Commentary: 

This is a very significant move for the Russian oil lender to make; one has to wonder if they are going to try to get the money to Venezuela, in other ways than pricing it it, and paying for it, in US dollars.

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