TRADER SKIRTS US SANCTIONS TO BUY VENEZUELA OIL

Bloomberg on 2nd July reported that Dragoslav Ilic, a Serb with a Panamanian business, is trading Venezuelan oil in the shadows and helping to prop up the embattled Maduro regime.  It is claimed that Ilic and his MS Internacional Corporation have made deals worth $130 million with PDVSA, shipping the crude oil mostly to Asia.  Such traders avoid sanction in the global financial system by bartering for the oil and reselling to third parties – and MS Internacional exchanges the oil for gasoline and gasoline components.   The article says that, in addition to such traders, Russia’s state-controlled oil company Rosneft, Indian refiners and China are also helping PDVSA survive.

https://www.bloomberg.com/news/articles/2019-07-02/rogue-trader-skirts-u-s-sanctions-to-buy-maduro-regime-s-oil

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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