On Monday, Russian state oil producer, Rosneft, announced that Venezuela continues to cut its debt with the company and stressed that its relations with the Latin American country have not violated US sanctions.
The company led by Igor Sechin, a close ally of President Vladimir Putin, has been working in Venezuela with state-owned PDVSA, which is subject to sanctions in the United States.
The Russian firm said that PDVSA has been paying its debt on time and that it was reduced its US $2.3 billion debt it had last year to US $1.8 billion at the end of the first quarter.
“The supply of Venezuelan oil to his refinery in India does not violate US sanctions,” said vice president of Rosneft, Didier Casimiro. “The use of Venezuelan oil, which we are supplying to refineries in India, is authorized, as it comes from prepaid contracts,” Casimiro continued.
PDVSA is paying debts to Rosneft through oil supplies.
Rosneft’s operations in Venezuela have drawn attention, in the midst of a power struggle between the National Assembly, the Congress of the South American country, and President Nicolás Maduro, an ally of the Kremlin.