Russian state-controlled Rosneft Oil Company has reportedly set up a new Geneva-based trading business after being sanctioned by the US Treasury Department’s Office of Foreign Assets Control (OFAC) in March for operating in the oil sector of the Venezuelan economy.
The new entity, known as Energopole SA, will carry out operations formerly run by Rosneft Trading, which include supplying Rosneft’s refineries in Germany and some trading operations in Europe, according to a report by Reuters.
Energopole SA is a subsidiary wholly owned by Rosneft and is not affiliated with Rosneft Trading SA.
The report also reads Rosneft has terminated all operations in Venezuela and disposed of assets in relation to its operations there in order to protect its shareholders.
Photo credit: Rosneft
Published: 5 June, 2020
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