International trader Litasco, owned by Lukoil, has stopped supplying petroleum products to Venezuela. Lukoil President Vagit Alekperov spoke about this at the Russian Investment Forum in Sochi.

Litasco stopped all operations with Venezuela immediately after the relevant restrictions came into force, Alekperov explained. “There were both direct sales and swaps,” he added.

Litasco has been carrying out all supplies and trading operations of Lukoil outside Russia since 2000, according to the oil company’s website. The trader has subsidiaries and branches in the USA, the Netherlands, Sweden, Germany, the Middle East, Kazakhstan and Singapore and representative offices in Russia and China.

At the end of January, the United States imposed sanctions against the Venezuelan state-owned oil company PDVSA, freezing its US assets worth $7 billion and obliging American companies buying Venezuelan oil to transfer money to a blocked account. The White House called the transfer of power to interim President Juan Guaido a condition for lifting sanctions.

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Lukoil trader stopped supplying petroleum products to Venezuela