Roszarubezhneft's Venezuelan Assets: A Symbol of Russia's Resource Strategy

Roszarubezhneft, a unit of Russia's Ministry of Economic Development, announced that all its Venezuelan assets remain Russian property. Incorporated in 2020, the company took over Venezuelan holdings from Rosneft after U.S. sanctions were imposed on Rosneft's units trading Venezuelan oil. The firm reaffirms its international commitments.

Russia's Roszarubezhneft has confirmed that its assets in Venezuela remain Russian property, in a statement reported by the TASS news agency on Tuesday.

The company, established under the Russian Ministry of Economic Development in 2020, acquired its Venezuelan holdings shortly after its incorporation.

This acquisition followed U.S. sanctions imposed on two units of the Russian state-run oil entity Rosneft for trading Venezuelan oil.

(With inputs from agencies.)