Eni Confirms U.S. Sanctions Limit Oil Payments from Venezuela’s PDVSA
Eni confirmed it can no longer receive oil payments from PDVSA for gas production due to a change in U.S. sanctions policy. This decision affects Eni’s operations with Venezuelan oil and highlights the economic challenges imposed by sanctions as criticized by President Maduro.
Italy’s energy company, Eni, has confirmed that it has been informed by U.S. authorities that it will no longer be permitted to receive payments for gas production in Venezuela through oil supplies from the state oil company, PDVSA. This notification follows reports indicating that the U.S. government is set to revoke authorizations that previously allowed international partners of PDVSA, including Eni, to export Venezuelan oil and its byproducts.
In an official statement, Eni emphasized its commitment to engaging transparently with U.S. authorities regarding the situation, seeking avenues to ensure that non-sanctioned gas supplies critical to the population can still be compensated by PDVSA. The company reaffirmed its adherence to international sanctions, stating, “Eni always operates in full compliance with the international sanctions framework.”
The decision to prohibit oil payments is part of ongoing sanctions against Venezuela, which President Nicolas Maduro has publicly denounced as an “economic war.” The sanctions have imposed significant challenges on Venezuela’s economy, especially on its oil sector.
In summary, Eni has acknowledged the U.S. government’s decision to cease the ability to receive oil payments from PDVSA for gas production. The company remains committed to compliance with international sanctions while seeking means to support essential gas supply payments. President Maduro’s response illustrates the ongoing tensions surrounding these sanctions and their impact on Venezuela’s economy.
Original Source: www.tradingview.com
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