Could Rosneft bonds be slapped with a trading ban because of Russia's support of Nicolas Maduro?
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As of now, it still looks like Maduro is not going anywhere despite support from at least 50 countries calling for his ouster. Venezuela can barely keep the lights on. It won’t be able to sell crude oil to the United States as of April 28. And the people survive on government handouts and dollars sent via Western Union from the 3 million-plus Venezuelans living abroad.
“Could Rosneft get hit with new sanctions? I think yes,” says Jay Auslander, an attorney who represents PdVSA bondholders at Wilk Auslander in New York. Rosneft is Russia’s biggest oil firm. It now owns 49.9% of Citgo, the refinery and gasoline station brand owned by PdVSA. Last week, Venezuela went on an energy-rationing program following back-to-back blackouts in major cities like Caracas. PdVSA was unable to produce oil without power to pump it out of the ground.
The U.S. moved against Maduro after he was sworn in to a second term in January. National Assembly president Juan Guaido declared himself interim president until new elections can be held, something Maduro immediately scoffed at. Under Maduro and the Socialists United, Venezuela has become both a failed state and a pariah state. While it does not possess the same foreign policy intrigues as the Syria fiasco, which saw Putin put his foot down to stop regime change there, Russia’s involvement is salt in the wound for a U.S. unable to show Maduro the door.
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