Venezuela's PDVSA Transfers Joint Ventures' Accounts to Gazprombank - Reports

MOSCOW (Sputnik) - Venezuelan state-owned oil company PDVSA is moving bank accounts belonging to its joint ventures to one of the largest Russian banks, Gazprombank, amid US sanctions, Reuters news agency reported early on Sunday, citing sources.

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.

A voter chooses his candidate next to a mural of late Venezuelan President Hugo Chavez during presidential elections in Caracas, Venezuela - Sputnik International
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The agency also said that the Venezuelan oil company had asked its foreign energy partners, including US Chevron Corporation, Norwegian Equinor and French Total, to decide whether they will remain a part of the joint ventures.

READ MORE: Venezuela's PDVSA Wants to Replace US Execs on Citgo Petroleum Board — Reports

In January, the US State Department announced that Washington had frozen $7 billion in assets belonging to PDVSA in order to make some of the money available to Venezuela's self-proclaimed acting president, Juan Guaido.

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