India’s Nayara supplying fuel to Rosneft in exchange for Venezuelan oil – sources

Hellenic Shipping News | Oct 16, 2019 at 12:00 AM
  • India’s Nayara Energy has been using Russian giant Rosneft as an intermediary to acquire Venezuelan oil, paying it in fuel rather than cash to avoid violating U.S. sanctions.
  • OIL FOR LOANS Rosneft has been acting as an intermediary for most of the Venezuelan crude supplied to international markets.
  • Rosneft now receives more Venezuelan crude than any other buyer as refiners worldwide have cut purchases to avoid violating sanctions, or because they cannot find banks to process the transactions.