U.S. slaps sanctions on Russia's Rosneft

U.S. slaps sanctions on Russia's Rosneft

Rosneft said it will look into ways of protecting itself judicially.

Will Venezuela end up being South America's Afghanistan?

"I think this is a very significant step and I think you will see companies all over the world in the oil sector now move away from dealing with Rosneft Trading", Elliott Abrams, the U.S. unique agent for Venezuela, informed press reporters.

Family members of six American oil executives jailed in Venezuela are accusing Nicolas Maduro's government of "forced disappearance" after the men were inexplicably missing for the scheduled start of their trial on Wednesday.

U.S. West Texas Intermediate crude oil futures are trading higher on Thursday as traders await this week's government storage report due to be released at 16:00 GMT. Russia's Foreign Ministry said sanctions will not make Moscow change its policy toward Venezuela.

Rosneft stated the US Treasury Department has actually not provided any proof of infractions.

Previously, global commodity trader Trafigura Group has stated it would comply with USA sanctions on Rosneft Trading.

The move representing the latest escalation in the Trump administration's campaign to oust Maduro and rally worldwide support behind Venezuelan opposition leader Juan Guaido raised concerns over supply.

A separate OFAC go previous August, which threatened sanctions versus any individual performing small business with Venezuela, halted a very long-standing trade romance amongst PDVSA and Chinese organizations CNPC and PetroChina Co 601857.SS , restricting their company romance to joint output in Venezuelan oilfields.

However, Maduro still has strong support from his countries armed forces, from Cuba and his chief creditors, Russian Federation and China.

The U.S. State Department accused Rosneft of buying oil from Venezuela in spite of U.S. sanctions. His grip on power has been a source of frustration for Trump, US officials said privately.

Rosneft shares fell 2.7 percent, underperforming oil rates and the wider Russian index.

While announcing the sanctions, Abrams reaffirmed the administration's commitment to continuing its campaign to oust Maduro from power and seek democratic elections for the people of Venezuela.

It was not clear whether Tuesday's measure will reduce export revenue flowing to the Maduro government, which continues to enjoy Moscow's support in a confrontation reminiscent of the Cold War.

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