Russia looks set to be buying Venezuela’s oil, like, all of it
Two years ago, Russia and Venezuela signed an agreement on debt restructuring of $3.15 billion over a period of 10 years with minimum payments in the first six years. The state debt includes payments twice a year—in March and September. It is unclear if Venezuela has made those payments. Bondholders have been defaulted on for over a year now.According to thearticle, Venezuela’s government is ironing out the legal ways in which it could hand control over to a foreign entity.
The U.S. imposed sanctions on PdVSA in January 2019 in hopes to pressure Maduro to step down at a time when hundreds of thousands of Venezuelans were either taking to the streets in protest, or fleeing the country’s economic depression and drug gang violence. PdVSA’s assets in the U.S. are valued at $7 billion and cannot be repatriated under the current sanctions regime. Those restrictions are supposed to be in place so long as Maduro is in power. It is also unclear if a Rosneft purchase would keep those restrictions in place.... [+]For Wall Street, a Rosneft acquisition would assume all debt and therefore likely be an easier pathway for bondholders to recover some of their lost value.
Whether or not Maduro goes through with selling his country’s flagship enterprise to “his brothers,” the Russians, remains to be seen. If the rumor was of an American company buying it, we may still have heard about it. Washington has a penchant for making Russia a dramatic centerpiece. If Rosneft does take it over, Washington policy makers will likely treat it as PdVSA with a new name.
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