Commodities & Energy

Reuters exclusively reports India's Nayara supplying fuel to Rosneft in exchange for Venezuelan oil

Reuters exclusively reports India's Nayara supplying fuel to Rosneft in exchange for Venezuelan oil

Reuters reported exclusively that 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. The United States in January prohibited U.S.-dollar transactions for oil sales from Venezuela’s PDVSA or its units, a measure intended to cut off cash flows and increase pressure on President Nicolas Maduro. In exchange for Venezuelan oil, Nayara, part-owned by a Rosneft-led consortium, is shipping cargoes of gasoline and gasoil to the Russian firm.