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Buying Oil from Venezuela?

Updated: Oct 25, 2022

Dictator (Venezuela} on March 7, warns that he supports Russian President Vladimir Putin but that he is open to respectful and positive talks with the United States.

by Maibort Petit

Meanwhile, in the US courts, battles are being fought in which Venezuela, the regime of Nicolás Maduro has decided to use the financial center as a bastion to try to recover access to international credit and attract international investment to a country that, despite its immense oil wealth, cannot enjoy the benefits offered by the increase in oil prices due to the war in Ukraine.


This is according to a note from The Wall Street that points out that through bondholders and other investors, Maduro is exerting pressure on the Joe Biden administration to lift the sanctions that weigh on Petróleos de Venezuela S.A. (PDVSA).

The clever move — although the Venezuelan regime's closeness to Vladimir Putin creates resentments — points to the U.S. government and the Western Hemisphere in general resorting to the fact that for years it was a reliable oil operator in the region can recover its production capacity, thus relieving the pressures that the war generates on hydrocarbon prices.

The offer that the Maduro regime presents through its agents, contemplates the restructuring of the debt that exceeds USD 60 billion in bonds, "infrastructure concessions, oil and gas reserves and privatizations of assets in exchange for a debt restructuring that began to fall into default in 2017, "". refers to the note.

In this way, Maduro wants to turn those who until now have been the main threat against Venezuelan assets abroad, into his lobbyists before the United States government: the bondholders.

(The Wall Street Journal. "Venezuela Asks Wall Street to Help Lift U.S. Sanctions So Oil Can Flow". March 3, 2022.)

Last weekend the first action of powerful financial lobby took place. Nicolás Maduro, who is not formally recognized as the legitimate president of Venezuela, and in a clear contradiction of foreign policy interests of the troubled US president, Joe Biden sent a high-level commission headed by the head of Latin America in the White House, Juan González.

The Biden Administration reported that it established contact with the regime of Nicolás Maduro with the aim of easing sanctions and increasing the flow of oil in the international market to temper the effects of an embargo on Russian crude for the invasion of Ukraine, since Venezuelan crude is subject to US sanctions since 2019.

White House spokeswoman Jen Psaki said at a press conference on Monday, March 7: "As far as Venezuela is concerned, the purpose of that trip of officials included several issues, also energy security, and also to find out about the well-being of U.S. citizens" who are detained in the country.

Psaki admitted that there was "a dialogue with members of the administration the past few days, and negotiations are open." The spokeswoman also denied that there was any decision taken on sanctions on Venezuela.

Nicolás Maduro ratified the talks in a live show he held in the evening hours of Monday, March 7, warning that he supports Russian President Vladimir Putin but that he is open to respectful and positive talks with the United States, who has recognized him informally, for now.

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