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Hard night in different cities of Venezuela, with looting, protests and repression

Tuesday, April 18, 2017

Russia May Seize Citgo’s US Oil Assets


This isn’t the first time, and likely not the last, that the Maduro regime in Venezuela has hocked national assets to Russia in exchange for much-needed cash.  Reuters reports that Rosneft has lent PdVSA between $4 billion and $5 billion, in return for stakes in, or liens against, Venezuelan oil assets. Speaking to CNBC, Steve Hanke, director of the Troubled Currencies Project at the Cato Institute said, “If anything goes off the rails, the Russians will call the tune and pick up the pieces. The Russians are very smart and know how to structure air-tight deals in cases like this.” No matter how airtight the contract between government-controlled Russian oil company and the government-controlled Venezuelan one is, Citgo’s assets are located in the US. A Trump administration attempting to deflect rumors that it is too cozy with Moscow may take a hardline approach to any attempts by Rosneft to collect on its collateral. More…

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