Rosneft hands Venezuelan oil business to Russian state firm

MOSCOW (AP) — Russia’s Rosneft has transferred its assets in Venezuela to a company fully owned by Vladimir Putin’s government, a move apparently intended to shield Russia’s largest oil producer from U.S. sanctions while Moscow continues showing support for Venezuelan President Nicolás Maduro in the wake of a U.S. narcotics indictment.

The sale, announced Saturday, follows the recent sanctioning of two Rosneft subsidiaries in an effort to cut a critical lifeline that Russia extended to Maduro after the U.S. government made it illegal for Americans to buy crude from Venezuela.

Rosneft, led by longtime Putin associate Igor Sechin, said its move means “all assets and trading operations of Rosneft in Venezuela and/or connected with Venezuela will be disposed of, terminated or liquidated.” It did not name the new company that would take over the assets, which include multiple joint ventures, oil-field services companies and trading activities.

https://apnews.com/7d15631558f3caca5c0fe80eef2cdf23

Baker, last bread it showed Russia is pulling out of Venezuela, that is not the case at all, Putin has positioned this so that the oil company, now fully owned by Russia, is not positioned to face sanctions. Putin playing games and not giving up on Maduro at all.